Elliott Wave: AMD completing a five‑swing drop from October 2026 peak with scope for more [Video]

Short‑term Elliott Wave analysis in Advanced Micro Devices (AMD) shows a clear decline from the October 6, 2026 high. The structure follows a five‑wave impulsive pattern, and the completed five‑swing turn keeps the broader bias pointed lower. This view holds as long as price remains below the October 6 peak. From that high, wave ((i)) ended at $570.6. Wave ((ii)) then advanced to $612.31 before sellers regained control. The stock moved sharply lower in wave ((iii)) and reached $530.09. A measured rebound in wave ((iv)) followed and ended at $569.25.

Price action has since pushed into wave ((v)). The structure still allows one more leg lower before wave ((v)) completes. That final drop would also finish wave A at the higher degree. After wave A ends, the stock should attempt a larger‑degree rally. That rally would correct the full cycle that began on October 6, 2026. Once the correction finishes, the broader trend is expected to turn lower again.

In the near term, the stock remains weak while it trades below $569.25. One more marginal low can still unfold before wave ((v)) of A reaches completion. Even so, the cycle from the October 6 peak is mature. Because of that maturity, a larger‑degree recovery should develop soon. The coming rally is expected to be corrective and should not alter the longer‑term bearish sequence.

AMD 30 Minute Elliott Wave chart

AMD Elliott Wave [Video]