AMD, BIDU updates 05/24

AMD: Continues to count and look best as a new impulse up, with grey minute-iv of green minor-3 of red intermediate-iii of major-1 of primary III now underway. Ideal target is the 1.618x extension for minor-3 at $13.68 before minor-4 drops to $12.50 and minor-5 can than move to high-13s. After that we should see intermediate-iv digest the recent gains down to mid-12s, before intermediate-v concludes major-1 at mid-14s. This is of course the ideal path forward and we’ll simple have to monitor as we go along. A drop back below $12.17 before completing this path will be a serious sign AMD is NOT in major-1/Primary-III.

amd daily

************************************************************************************

BIDU: I hadn’t posted my update yet or it tanked and decided to do something entirely different… This meant: back to the drawing board. This shows the limit to Elliot wave as it only is correct in hindsight, everything else is simple using anticipated standard measures/estimates. This is also why EWT should never be relied upon solely, and why you must have stops in place. With the recent price action, it seems now most likely an ending diagonal 5th wave is developing. A drop below $210 will invalidate this count and BIDU has then prematurely topped for major-3. If the ED pattern holds, I anticipate minor-5 to move to the 1.382x extension at $303ish. Then major-4 should drop back to the 100-76.4% extension zone: 258-230, and major-5 will then complete primary III around $350 ideally. But that’s looking far ahead and for now the BIDU Bulls have work to do!

BIDU daily

BIDU monthly