AMD so far has completed 3 waves within this larger degree W-3, within an even larger degree W-1. Now, the uptrend is becoming exhausted, and the stock needs time to rest. Personally, I have sold covered calls against my AMD position to preserve some of the gains I've made over the last few weeks. I will be interested in adding to my position in the 112-115 level. However, after AMD reaches that level, it should go to about 140, then back down to today's levels, so there will be plenty of opportunity to add to your position over the coming 2 weeks or so. Ultimately, I believe this stock will reach $300+ by the end of the year, and it is my top chart for 2021.
Comment:
It dropped way too far too fast. Something else is going on here. I would expect we probably see a new low in the 80s.