Overview: this week, AMD followed our expectations perfectly. Let's review a few key points from my August 14th update:
1) I believe that AMD has topped and going lower for the last bearish leg, wave (Z).
2) a decisive breakdown of the hourly bullish channel can be considered as the ultimate confirmation of this count.
Update: let's look at the 4-hour chart: I think we are in wave III of (c) of I of A of (Z). The breakdown of the hourly bullish channel happened in the previous week and we also formed/broke a h&s pattern (blue trendline).
1) I believe that AMD has topped and going lower for the last bearish leg, wave (Z).
2) a decisive breakdown of the hourly bullish channel can be considered as the ultimate confirmation of this count.
Update: let's look at the 4-hour chart: I think we are in wave III of (c) of I of A of (Z). The breakdown of the hourly bullish channel happened in the previous week and we also formed/broke a h&s pattern (blue trendline).
