AMD is showing a strong bullish continuation after completing a likely A–B–C correction near 187. The breakout above the 230 resistance zone signals a shift into a new impulsive phase.
Price action suggests the start of a larger five-wave advance from the March low, with momentum still favoring the upside. However, a short-term wave four pullback is possible, with resistance and potential reversal pressure building near the 470 region (261.8% extension level).
Key support sits in the 355–400 zone, which could act as a re-entry area during any corrective dip.
The bullish structure remains valid as long as price holds above 270. A break below this level would weaken the current impulsive outlook.
Key points:
- Bullish impulsive structure from 187 low.
- Breakout above 230 confirms trend shift.
- Potential wave 4 pullback near 470.
- Strong support: 355–400.
- Invalidation below 270.
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Source: https://www.fxstreet.com/news/amd-elliott-wave-update-bullish-impulsive-structure-extending-video-202605130721
