MU – Micron Technology, Inc.

Updated June 26, 2019

It popped today +12% on earnings and is likely now in (red, intermediate) wave-c of (black) major-b of (blue) primary-B. I expect major-b, based on the monthly chart below, to reach the high-40s to ~$50. That is stiff S/R going back all the way to the ’90s. In addition, there’s a loud and clear five waves down from the mid-2018 high into the December 2019 low (green, boxed, 1,2,3,4 labels) so the current rally is counter trend. From around $50 we can then expect a major-c down to $15-$10 before Primary-C takes hold. Note the major-c wave in the late ’90s failed, so that could happen this time around also.

On the daily chart we have the detail, showing the (black) major-a low, then a five wave advance for (red) intermediate-a, then an irregular (red) intermediate-b wave, and now intermediate-c is most likely underway. This c-wave is still in its early stages, but the technical indicators on the daily chart look good: lots of positive divergences going into the pop today (solid green arrows), as well as now another A.I. buy signal. A reclaim of the falling 200d SMA is needed to allow for higher prices. The ideal target zone for (black) major-b is shown. Since c-waves can extend (easily) 1.618x the length of the prior wave-a, we must be cognizant of the fact that major-b’s target zone is currently between $47 and $57. Once there’s more price data available I can start narrowing it down. But for now I will be looking higher for the intermediate-term (weeks/months).