AMD has seen more than a 30% gap higher today after announcing an agreement with OpenAI. Back on September 09, we highlighted an incomplete bullish structure, anticipating a wave four retracement down toward the 150–140 area before another strong move up. That scenario played out perfectly, as price bounced nicely from that zone, forming a clear five-wave rise from the April 2025 lows.
Now AMD is retesting the March 2024 highs, suggesting that we could be in the late stages of this recovery. Despite the very bullish sentiment surrounding the stock, there’s a risk that the market could reverse in the coming weeks and possibly attempt to fill the open gaps below, which rarely remain unfilled for long.
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