AMD 5-3-5 Corrective Pattern
AMD has traced the 5-3-5 zigzag corrective pattern, to the T, since hitting ATH in Nov 21.
It may look like AMD will bounce from here, but this is a typical 3 leg (abc) wave 2 pattern. I had posted this exact chart on my twitter two weeks ago and no changes since then.
Keep in mind AMD guidance was very bearish for Q2 and it looks very overvalued here in my opinion. Unlike NVDA AMD does not have AI to justify its stock price.
It may look like AMD will bounce from here, but this is a typical 3 leg (abc) wave 2 pattern. I had posted this exact chart on my twitter two weeks ago and no changes since then.
Keep in mind AMD guidance was very bearish for Q2 and it looks very overvalued here in my opinion. Unlike NVDA AMD does not have AI to justify its stock price.
Note
I have updated the time frames. No changes to the price targets. See the updated chart below:
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