Overview: in the update of previous week, I had AMD in wave c of (V) of c of Y of (4). Based on the retracement of major wave 3 and the bottom of the daily downward channel, I had 55.84 as the bottom since my very first update on AMD.
Update: based on the reaction to this zone so far and the structure of subwaves developing in wave c of (V), I don't think that 55 area is going to hold. If you are considering AMD for a long-term investment, we are in an area in AMD that is very easy to play in my opinion. Wait patiently and assess the reaction to this zone, if the channel does not hold, then set your expectations on 40 as the potential bottom.
Looking into the hourly chart, I think we are in wave (C) of 3 of c of (V) of c of Y of (4).
Update: based on the reaction to this zone so far and the structure of subwaves developing in wave c of (V), I don't think that 55 area is going to hold. If you are considering AMD for a long-term investment, we are in an area in AMD that is very easy to play in my opinion. Wait patiently and assess the reaction to this zone, if the channel does not hold, then set your expectations on 40 as the potential bottom.
Looking into the hourly chart, I think we are in wave (C) of 3 of c of (V) of c of Y of (4).
