Short

AMD: Wave 3 of 3

Updated

AMD is having fighting against resistance at $140 and has a very clear wave structure. Wave 1 began March 8 and fell to $142 where Wave 2 began. Wave 2 ended on July 15 and and wave 1 of 3 ended on July 30. I believe wave 2 of 3 has ended (or is close) and wave 3 of Wave 3 is about to begin. PT 1 is 109, PT2 is 88. This upcoming wave will see the most selling AMD has seen this year, so PUT buyers should profit nicely.

Note

Now is the time to dollar cost average if you took positions on this. AMD has gone up 4.55% on little volume since I posted this which is a very big indicator of a major selloff. SPY now has 2 gaps to the downside and has gone up on very little volume as well. PT 130 for the upcoming day.

Trade active

We are either approaching the end of wave 2 up in the SPY for a corrective ABC Wave or the end of wave 1 in a continuation upward. Either way, we are down this week in most equities with a possible final push up later in the week or the week after. Check my SPY analysis' (with updates)

Note

I see us at the end of Wave 4 (or close). I see a final decent for intermediate wave 5 this week. I expect we could see a hard and fast gap down. I'll look to buy calls here.

PT 118

Note

Weekly target update

PT 127

Note

Getting rejected at the 0.50 fib retracement for a double top. Wave 5 down should be starting soon

Note

Changing back to my original idea

Wave 2 of Major 3 is about to end and we are headed to wave 3 of Major 4 down.

I will be moving future posts to my Patreon page patreon.com/FiboTrader1

Best of luck the rest of the week!

We are heading down within the next 3 trading days

FiboTrader1

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