AMD starting to turn higher from the blue box area

In this technical blog, we will look at the past performance of 1-hour Elliott Wave Charts of AMD. We presented to members at the Elliott wave-forecast. In which, the rally from the 06 January 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

AMD 1-hour Elliott Wave chart

Here’s the 1hr Elliott wave chart from the 1/29/2023 Weekend update. In which, the short-term cycle from the 1/19/2023 low ended in wave ((i)) as an impulse structure at $77.12 high. Down from there, the stock made a pullback in wave ((ii)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave (w) at $72.09 low. Wave (x) ended at $77.08 high and wave (y) managed to reach the blue box area at $71.96- $68.81 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

AMD latest 1-hour Elliott Wave chart

This is the 1hr Latest Elliott wave Chart from the 1/31/2023 Midday update. In which the stock is showing a strong reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $77.12 high is still needed to confirm the next extension higher.