AMD is trading sharply higher as the Nasdaq 100 and technology sector recover, with price now moving well beyond the previous swing high. This suggests that the recent correction may have been completed as a fourth-wave triangle. We did not see the deeper pullback toward the previous unfilled gap near 360; instead, AMD is now advancing within wave five, which could be the final leg of the impulse from the April 2025 lows.
There can still be room for further upside, with the upper side of the channel currently around 800. However, the first important target for wave five is near 730. As price approaches these higher targets, we should be aware of a potential slowdown, as a completed five-wave Elliott Wave cycle would normally be followed by a larger corrective phase.
Highlights:
• Fourth-wave triangle appears completed
• Wave five is now in progress
• First upside target: around 730
• Higher wave-five target: around 800
• Be aware of a potential slowdown as wave five matures
• Larger correction can follow once the five-wave cycle is completed
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