Replies to post #94413 on Advanced Micro Devices Inc (AMD)

[JLS]

just like clockwork,

here it is, Wave 5.

Now the question is: does it stop where I said it could stop @ $SPX 2,580?

... or next SR level at 2,480?

I'm pretty certain it wont go below 2,480; but you know, some politician can continue to screw things up.

[JLS]

SPX 5-Wave down is history.

At least in my mind it is. But that's probably because I don't really care for E-Wave very much (the E stands for Eccentric). Could have concluded that yesterday as the body of that day's green candle erased the prior day's red body and virtually had no shadows, but I had company and wasn't even watching the market yesterday.

The nail in the coffin is that today's green candle has an opening gap and no lower shadow -- so far equates to absolutely no hesitation to go higher. But there is a large upper shadow developing so there is clearly resistance to deal with and that is easily seen by looking at prior months (creating that large horizontal clump of lines at 2,725 shown by the SR chart -- and watching what happens with that trumps E-W IMHO). That could take some time to get through (possibly creating a horizontal trading channel that lasts for awhile.)

The very long-term trend is that inclining green line just above SMA(200) in the bottom chart, so also expect resistance at that line and moving average as well as SMA(20) and also the upper tine of the declining yellow fork -- it all comes together at once. All of that conspires to hold price down.