The Long Investor

$AMD TOP 20

Added 2023-04-02 21:51:19 +0000 UTC

I uploaded $AMD on Friday and said this has been more disciplined than $NVDA as it has started its pull back already, RSI is now showing a drop out of the overbought territory and that a pull back is likely now.

My concern with this corrective structure since the end of 2021 is that there is no clear Wave B count, Wave A is obvious but Wave B is difficult to identify, which leads me to believe that we are possibly in Wave B now, it can not be ruled out...this will be confirmed if $AMD can not hold the blue line support and hold for Wave 4 in green.

If this fails to hold, Wave C in red is likely next and a test of the low will be possible.

We have said for months that Semi's will go against the trend and $NVDA and $AMD have proven that, along with $META and $NKE before it's Wave B pullback....and the reason for this is that they are still in their correctives Waves....this is confusing for a lot of people but EW theorists understand this, my $META chart is a prime example.

So What Now?

This is not a buy for me now. I will be watching the pull back, I think if this can enter into the buy zone, it is a very good company to add.