Hello everyone! In today’s article, we’ll examine the recent performance of Advanced Micro Devices Inc. ($AMD) through the lens of Elliott Wave Theory. We’ll review how the decline from the March 08, 2024, high unfolded as a 7-swing correction and discuss our forecast for the next move. Let’s dive into the structure and expectations for this stock.
7 Swing WXY correction
$AMD Daily Elliott Wave Chart 3.02.2025:
In the Daily Wave count from March 02, 2025, we see that $AMD completed a 5-wave impulsive cycle beginning on October 13, 2022, and ending on March 08, 2024, at the blue (I). As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 7 swings, likely finding buyers in the equal legs area between $101.11 and $80.69.
This setup aligns with a typical Elliott Wave correction pattern (WXY), where the market pauses briefly before resuming the main trend.
$AMD Daily Elliott Wave Chart 3.23.2025:
The most recent update, from March 23, 2025, shows that $AMD reacted as predicted. After the decline from the recent peak, the stock found support in the equal legs area, leading to a renewed rally. As a result, traders could adjust to go risk-free once we reach $141 which is the 50% retracement from the wave ((X)) connector.
What’s Next for $AMD?
With the current rally, $AMD appears well-supported. Based on the Elliott Wave structure, we expect the stock to continue its upward trajectory, targeting the $141 – $152 range before another potential pullback. Therefore, it is essential to keep monitoring this zone as we approach it.
Conclusion
In conclusion, our Elliott Wave analysis of Advanced Micro Devices Inc. ($AMD) suggests that it could continue its bullish run in the short term. Therefore, traders should monitor the $141 – $152 zone as the next target, keeping an eye out for any corrective pullbacks. By using Elliott Wave Theory, we can identify potential buying areas and enhance risk management in volatile markets.