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AMD’s Crypto-Inspired Stock Chart Looks Promising

AMD’s Crypto-Inspired Stock Chart Looks Promising

The biggest profits during the gold rush of the 19th century were made by those selling picks and shovels. Similarly, graphics cards providers are currently making a killing as the crypto mania inspires a lot of people to spend big on mining equipment. As Intel stock keeps tracking the Elliott Wave path, it is time to take a look at the price chart of Advanced Micro Devices Inc. or simply AMD.

amd stock elliott wave analysis

The daily chart of AMD stock visualizes its entire price development since the low at $1.61 in July, 2015. By late-February, 2017, the stock had climbed by as much as 866% to as high as $15.55. What interests us as Elliott Wave analysts is the fact that this impressive rally could be seen as a five-wave impulse, which comes to tell us that AMD is in an uptrend. However, every impulse is followed by a correction of three waves in the opposite direction. AMD’s corrective decline appears to be an A-B-C expanding flat correction with an ending diagonal in the position of wave C.

If this count is correct, the 5-3 wave cycle is complete and the trend is supposed to resume in the direction of the impulsive pattern. Wave (3/C) has the potential to exceed the top of wave (1/A), which means levels above $15.55 could be expected from now on, giving the stock 35% upside potential from current levels. Unless the Bitcoin bubble pops, of course.

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