Here we see AMD playing its mathematical levels perfectly. After breaking its last high of $163 price rose exactly to the 1.618 ($226). We saw supply dump at this price giving us a clear sign of what's next. Here are the 3 Scenario's on the weeklytime frame of what will happen next.
1. The momentum will pick back up ( as shown with the RSI bouncing off the 70). This could send price back up to $226, and a break of that level would send AMD to around $253.
2. We continue to fall to retest our first key level. This level is represented by the $163 level. This would be a perfect retest of old resistance being tested as new support.
3. We get a full retracement. In this case AMD will fall somewhere between $120-125. This is the 0.618 of our micro move and macro move. Amazing how they both align with one another. This has also been established as a key level with confluence before the breakout.
1. The momentum will pick back up ( as shown with the RSI bouncing off the 70). This could send price back up to $226, and a break of that level would send AMD to around $253.
2. We continue to fall to retest our first key level. This level is represented by the $163 level. This would be a perfect retest of old resistance being tested as new support.
3. We get a full retracement. In this case AMD will fall somewhere between $120-125. This is the 0.618 of our micro move and macro move. Amazing how they both align with one another. This has also been established as a key level with confluence before the breakout.