So far AMBA, hit exactly the 176.4% extension of minor 1, from 2 for intermediate v. Is that enough for Major 3? Price needs to break below (green) minor 4 first to confirm major 3. If that happens then I expect major 4 to target between $62-$51. It’s quite the range, but we’ll be able to specifiy it more once we get confirmation that major 4 is underway. Trade above the “major 3?” top means minor 5 is extending.
click chart to enlarge
For now, the negative divergence on the weekly-RSI5 starting with the late-September price high last year, the the early december price high, followed by the current price high is obvious and may be enough to usher in major 4. We’ll keep on monitoring the development.