AMD update October 25

AMD: With the break over $7.15 (as outlined in our previous update; see here) we now count AMD as in major 5 targeting $8.88 to $9.24 using ideal Fib-extensions (1.764-2.00x 1 for wave 5). The green and red target boxes show the ideal Fib-extensions for (green) minor 3 and 4 (1.382-1.618x 1, from 2; and 23.6-38.2% retrace; respectively) and (red) intermediate iii, iv (same extensions and retraces, but now measured using i and ii instead). Thus, AMD is now mere pennies away from a possible minor 3 top ($7.57 – $7.78) and we expect the upper trendline to hold. Trade through $7.60 targets $7.78.

There’s, however, a low(er) risk entry at the minor 4 level.