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]

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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