AMD Wave 4 Pullback or Expanded Flat? Two Elliott Wave ViewsAdvanced Micro Devices, Inc.BATS:AMDWaveXplorerThe big picture AMD rose strongly, topped at 658.52, and is now near 590. I am using Elliott Wave to study what the market may be doing. This is only my reading, and I can be wrong. Count 1: main view Wave (1): 424 to 530. Wave (2): pullback to 440.50. It held above the start of wave (1). Wave (3): rise to 658.52, about twice as long as wave (1), with 5 small waves inside. Wave (4): the fall we are in now. Wave 4 is usually a rest. Wave (5): the last push up, if wave (4) ends and price turns higher. Count 2: other view The fall may be wave (iv) only. Then 639 to 596 is part A, the rise to 658.52 is part B (about 145% of A), and part C is falling now. This is called an expanded flat. The next rise would then be wave (v), not the final wave (5), which leaves more room to run later. How to tell them apart On a smaller chart, is the 596 to 658.52 rise 3 waves or 5 waves? 3 waves supports Count 2. 5 waves supports Count 1. If the fall is part C, it should show 5 small waves. Both views expect a dip first and a rise above 658.52 later. Levels I am watching 575.24 (0.382) and 549.51 (0.5): common wave 4 zones. The lower channel line is close to 549. 530.13: the top of wave (1). A close below it breaks the overlap rule, and I would drop this count. RSI (14, daily) RSI has cooled from 72 to 52, a healthy wave (4) reset with no divergence yet. A lower RSI peak on a new high above 658.52 would warn of a weak wave (5). What I will watch Does the fall look like 3 waves or 5? Does price stop near 575 or 550? Does RSI stay above 40? What does RSI do if price makes a new high? What can go wrong Elliott Wave is subjective, and two people can count the same chart differently. Wave 4 can be long and messy, and wave 5 can fail. Disclaimer I am not a SEBI registered research analyst. This post is shared only for education and learning purposes, based on my personal reading of the chart. It is not a buy or sell recommendation. Please do your own research or speak to a registered advisor before taking any trading decision.