AMD Weekly Update
Overview: in my previous update of AMD published on Jan. 7th and also the 2023 AMD outlook that was published a week before that, my general thought on AMD was that it had bottomed, either for a wave Y ( which will be followed by another wave X and then going to new lows later in the year), or for the whole correction of 2022.
Update: looking into the structure since Oct. 13th 2022, I can see that we completed an abc up, followed by a correction and now inside another push higher. For now, both the scenarios that I had before are very valid, however, considering the chart of NVDA and SPY, I would say that I strongly prefer the scenario of bottom being in for the whole correction. Based on that, we have completed wave I of A of (5) so far, and right now, we are near the completion of wave (a) of III of A of (5).
Looking into the hourly chart, I believe we will have a brief pullback as wave IV of (a), followed by the last push higher to complete wave (a) of III around mid February.
Update: looking into the structure since Oct. 13th 2022, I can see that we completed an abc up, followed by a correction and now inside another push higher. For now, both the scenarios that I had before are very valid, however, considering the chart of NVDA and SPY, I would say that I strongly prefer the scenario of bottom being in for the whole correction. Based on that, we have completed wave I of A of (5) so far, and right now, we are near the completion of wave (a) of III of A of (5).
Looking into the hourly chart, I believe we will have a brief pullback as wave IV of (a), followed by the last push higher to complete wave (a) of III around mid February.
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