SuperMicro Computers Inc. Stocks Elliott Wave Technical Analysis – Wednesday, October 16

SMCI Elliott Wave Analysis Trading Lounge Daily Chart,SuperMicro Computers Inc., (SMCI) Daily ChartSMCI Elliott Wave Technical AnalysisFUNCTION: Counter TrendMODE: CorrectiveSTRUCTURE: FlatPOSITION: Intermediate (4)DIRECTION: Bottom in wave (4).DETAILS: We are exploring the possibility of a bottom in wave (4) which ended with an ending diagonal in wave C of (4). SuperMicro Computers Inc., (SMCI) 1H ChartSMCI Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: MotivePOSITION: Wave (i) of {i}DIRECTION: Upside in wave (i).DETAILS: Here we are looking at what appears to be a nice five wave subdivision within wave (i) where we currently seem to be in the final stages of a triangle in wave iv. This analysis focuses on the current trend structure of SuperMicro Computers Inc., (SMCI) utilizing the Elliott Wave Theory on both the daily and 1-hour charts. Below is a breakdown of the stock’s position and potential future movements.* SMCI Elliott Wave Technical Analysis – Daily Chart*On the?daily chart, SMCI appears to have completed a corrective?Intermediate wave (4), which ended with an?ending diagonal?in?wave C of (4). This suggests that the correction phase is likely nearing completion, and we may now see the beginning of a bullish move as?wave (5)?starts to unfold.* SMCI Elliott Wave Technical Analysis – 1H Chart*On the?1-hour chart, SMCI is progressing through?wave (i) of {i}, and we can observe a well-structured?five-wave subdivision?within this initial impulsive wave. Currently, the stock is in the final stages of a?triangle formation in wave iv, suggesting that the next move could be the breakout to complete?wave (v) of (i), pushing prices higher.More By This Author:Elliott Wave Technical Analysis: U.S. Dollar/Swiss Franc – Wednesday, Oct. 16
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