Micron Technology Inc (MU) rallied as expected making more than 200%

Micron Technology, Inc. (MU) designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit.  Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.

MU weekly chart March 2023

The last time we talked about MU was in March of last year. As we see in the chart above, we had ended an impulse as wave I at $96.96 high. Then, the market did an expanded flat correction (3-3-5) causing the price to drop to $48.43. We labelled this low as wave II. From here, we expected to continue the rally as long as the price does not break below 48.43. (If you want to learn more about flat corrections, please follow these links: Elliott Wave Education and Elliott Wave Theory). 

MU weekly chart July 2024 

Above we have the weekly chart updated. We have adjusted the labels by calling (I) and (II) where waves I and II were on the chart a year ago. As you can see, MU hit the bottom and began a new bullish cycle, breaking above $150.00. This has generated a return of more than 200% on capital. Right now, the structure shows us that we are trading in wave (III) and it has not ended yet. We hope to reach the ideal zone of $164.83 – $176.47 where we should see a market reaction. If the reaction is correct, then we would start wave (IV) before continuing the rally. However, we cannot rule out that wave (III) continues rising and not as we show. You have to pay attention to the area that we indicate.