Micron Technology, Inc. (MU) is a global company that specializes in designing, developing, manufacturing, and selling memory and storage products. Founded in 1978 and headquartered in Boise, Idaho, the company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit.
Analyzing the weekly chart for March 2023, it is evident that an impulse wave ended as wave I at a high of $96.96. Following this, the market experienced an expanded flat correction, causing the price to drop to $48.43, which was labeled as wave II. The expectation was for the rally to continue as long as the price remained above wave II, according to Elliott Wave Theory.
Fast forward to the weekly chart for July 2024, adjustments were made to the labels, identifying waves I and II from a year ago as (I) and (II). Micron saw a bullish cycle begin, breaking above $150.00 and yielding a return of over 200% of the capital. Wave III of (III) reached a high of $157.54, followed by wave IV ending at a low of $127.27. The anticipation was for wave V of (III) to reach the ideal zone of $164.83 – $176.47, where a market reaction was expected.
In the most recent update on the weekly chart for October 2024, wave IV failed to hold up against the market pressure, breaking below $127.27 and marking the end of the cycle that began in December 2022. Wave I of (III) concluded at a high of $157.57, followed by a bearish impulse ending at a low of $84.12, labeled as wave ((A)) of II. Currently, Micron is in the corrective wave ((B)), with wave (A) ending at a high of $106.75 and the correction concluding at a low of $98.94. Wave (C) has initiated a new rally, with expectations to reach the $130.03 – $149.15 area to finalize wave ((B)) before potentially turning lower in ((C)).
In summary, the analysis of Micron Technology, Inc. on the weekly charts showcases the company’s movements through various waves and corrections. The company has shown resilience in the face of market fluctuations, with potential opportunities for traders and investors to capitalize on price movements. By staying updated on the latest chart patterns and market reactions, individuals can make informed decisions regarding their investments in Micron and potentially benefit from the projected price movements indicated by the charts.
