AMD has recently reached a new all-time high at $658.52 and subsequently pulled back noticeably. We primarily assume that the third stage of the ongoing upward impulse has been completed, placing price in an intermediate correction. Due to the very recent reaction to the upside, this correction could already be complete, but we currently see a bit more downside potential, which we limit by the support at $530.09. Once the declines have indeed concluded, we expect another upward leg, where price should reach our red Target Zone ($738.13–$823.52) and complete the ongoing larger-degree uptrend there. In our alternative scenario, however, AMD would drop below the support at $530.09 again to establish a new, larger correction low below the next lower $424.03 mark (probability: 31%).
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