AMD remains in a strong bullish sequence, with the rally from the April low unfolding in a clear impulsive structure. However, the five subwaves up from the 187 low suggest that the current cycle may be approaching exhaustion, with a potential finishing wedge pattern forming within wave 5 of III.
If AMD completes this wave III structure, a higher-degree wave IV correction could follow. The key support area to watch is between 360 and 436, where a deeper pullback could provide an attractive opportunity to join the broader uptrend.
The bullish outlook remains valid as long as price holds above the 270 invalidation level. The weekly chart also continues to support a larger wave five advance, but a corrective wave IV pullback may be needed before the next major leg higher.
Highlights:
-Bullish impulsive structure developing from the 187 low, with wave III nearing completion
-Potential wave IV support area between 360 and 436
-Bullish scenario remains valid above the 270 invalidation level
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