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Lam Research Corp., Elliott Wave Technical Analysis

Lam Research Corp., (Nasdaq: LRCX): Daily Chart, 16 May 2023.

LRCX Stock Market Analysis: We have been looking for further upside into wave (v) as we seem to be in a leading diagonal into wave {i}. We just broke the previous wave (iii) top which has confirmed the count and we could now see an imminent sharp down move to start wave {ii}.

LRCX Elliott Wave Count: Wave (v) of {i}.

LRCX Technical Indicators: Above all averages.

LRCX Trading Strategy: Looking for longs into wave (v) if there is evidence of upside left, if not it’s safer to wait for wave {ii}.

Analyst: Alessio Barretta

Lam Research Corp., LRCX: 4-hour Chart, 16 May 2023.

Lam Research Corp., Elliott Wave Technical Analysis

LRCX Stock Market Analysis: It looks like we are nesting higher into wave iii to then reach upside potential. A break north of 668$ could invalidate the count as wave (v) cannot be longer than (iii) in a leading diagonal.  

LRCX Elliott Wave count: Wave iii of (v).

LRCX Technical Indicators: Above all averages.

LRCX Trading Strategy: Looking for three wave pullback to then look for a continuation higher.

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