AMD: Short-Term Rebound Before Pullback?

At AMD, a rebound has been taking shape recently. If this upward momentum continues in the near term and pushes price decisively above the $267.07 resistance level, we may have to expect a new high for the magenta wave alt.(1) (probability: 35%). However, our primary expectation is for the stock to soon turn lower and to move into our green Long Target Zone between $171.54 and $116.89. Following the low of the magenta wave (2) within this zone, the ongoing upward move should eventually break through the $267.07 resistance.