AMD: Drawing Closer...

Step by step, AMD has been drawing closer to our magenta Target Zone between $143.63 and $130.77, which remains a favorable range for long entries. Prices should establish the low of turquoise wave 4 within this zone before reversing higher to resume the ongoing upward impulse—initially breaking above resistance at $185.27 and targeting the peak of magenta wave (1). However, we see a 33% chance that magenta wave alt. (1) has already completed, with a quicker low for wave alt. (2) likely to form below support at $126.13. Due to this alternative scenario, potential long trades within the magenta zone could be protected with a stop either 1% below the lower boundary of the zone or at the $126.13 level.