$AMD TOP 20
Added 2024-07-20 12:44:47 +0000 UTCI wanted to add the $AMD chart ahead of the other Top 20 charts because it is the one chart that has given me concern this week, although the impulse structure has not broken down and the fight between the bulls and bears is at the 200 Day MA now, I want us all to be aware of the ABC corrective possibility.
So I have added the amber Fib levels, the 0.5 Fib and 0.618 Fib, which are standard for a pull back, taken from the bottom yellow line at $55 to the top yellow line at $227.
We can see that the bounce since April has been in 3 waves, which we would find in a Wave B
The price action can still pull back to the $140 level on the 0.5 Fib but any loss of this level would mean a lower low, so we would be confirming this level as Wave C then, with the 0.618 Fib at $120.
So we are talking about a 20% drop from here......personally I am ok with that and there is nothing stopping this finding support on the 0.5 Fib at $140 and moving higher, so I won't be selling any of my position to add lower, I will just wait to add when it finds support lower.
Remember, this is only the corrective wave alternative, I still have Wave 3 at the 1.618 Fib at $315.
We are just making a plan here if there is a continuation next week.
Comments
Here’s my brief qualitative thoughts; AMD announced two weeks ago a contract to build worlds most powerful gpu datacenter ($2.5B revenue) 30x more powerful than current most powerful (also AMD). This is 2025 revenue. So my observation from this, is cuda was not a barrier to choosing AMD for the largest, it should be reduced going forward. Think we’re going to see AMD adoption accelerate and have a proper NVDA moment where the PE and stock can rerate
Ayrton Graham
2024-07-21 15:05:52 +0000 UTCSub waves is what I’m talking about
THESTOCKS
2024-07-20 18:06:10 +0000 UTCWith it being on Wave 4 and usually a Wave 4 pulls back to the .382, which this pulled back to .618 already, it’s hard to see it pull down to $120 because that would be lower than the top of Primary Wave 1, which would invalidate the would Wave Count, if I’m not mistaken
THESTOCKS
2024-07-20 18:05:19 +0000 UTCHard not to be worried about this one. Bought on the basis of the E.W count showing a wave 3 on the way but it is not cheap at these prices. Higher forward PE than Nvidia if I'm correct? Interested in anyone else's thoughts on the fundamentals...
Trevor Sweetnam
2024-07-20 13:07:52 +0000 UTC
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