Details: Looking for a correction to evolve around TL1 at 1000$. Looking for a completion of the triangle in wave 4 or else we could be in a sideways wave B of 4 to then continue lower towards 800$.

On April 19, 2024, our Elliott Wave analysis of Super Micro Computer Inc. (Ticker: SMCI) focuses on the latest stock patterns captured on both daily and 4-hour charts. This analysis aims to provide investors with precise insights into potential future movements and price stabilization points.

SMCI Elliott Wave technical analysis – Daily chart

Our detailed review of the daily trading chart for SMCI shows the stock currently in a corrective counter trend phase, characterized by a flat structure, labeled as micro wave 4. The analysis suggests a pattern formation pointing towards the completion of a triangle within this wave. Investors should closely monitor the price behavior around the critical level of $1000, a potential turning point. If the triangle does not resolve as expected, the stock may enter a sideways corrective phase (wave B of 4), potentially pushing the price towards the $800 mark.

SMCI Elliott Wave Analysis Trading Lounge 4Hr Chart

Super Micro Computer Inc., (SMCI) 4Hr Chart

SMCI Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave (v) of {c}.

Direction: Completion of triangle in micro wave 4.

Details: Here we dig deeper into the triangle solution. We could continue sideways for some more time as earning report is on April 30th.

SMCI Elliott Wave technical analysis – Four-hour chart

Zooming into the 4-hour chart, SMCI's stock provides a more granular view of the ongoing corrective phase, particularly wave (v) of {c}, which aligns with the completion of the triangle in micro wave 4. The chart suggests that the stock might continue to exhibit sideways movement for an extended period, especially as the earnings report date on April 30th approaches, potentially impacting stock volatility and price direction.

Technical analyst: Alessio Barretta.

SMCI Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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