SuperMicro Computers Inc. (SMCI) Elliott Wave technical analysis [Video]
|SMCI Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave {c} of 2.
Direction: Upside in wave {c}.
Details:
The current price action suggests an ongoing move higher in wave {c} of a corrective wave 2. The rally from the April 7th low lacks the characteristics of a trend-establishing impulse, supporting the view that this is part of a broader flat correction. Further upside is expected to complete wave {c} before any potential downtrend resumes.
SMCI Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave (iii) of {c}.
Direction: Upside in wave (iii).
Details:
SMCI is showing further upside within wave (iii) of {c}, indicating a developing third wave within this corrective structure. Price momentum suggests the wave is not yet complete. An important target is the equality level between wave {c} and wave {a}, located at $41, which may act as a resistance level or reversal point.
This Elliott Wave analysis provides a detailed look into SMCI's corrective structure using both daily and intraday timeframes. The corrective mode implies caution, especially as wave {c} nears potential resistance and the corrective cycle approaches completion.
SuperMicro Computers Inc. (SMCI) Elliott Wave technical analysis [Video]
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