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Micron Technology (MU) – Reversal Around the Corner

In the recent 2 years, Micron Technology (NASDAQ: MU) Investors were in the sky as the stock gained +500% in value since 2016 lows. The global corporation is one of largest semiconductor producer in USA behind giants like Intel & NVDIA.

In the recent 6 months, the prices of dynamic random-access memory DRAM and NAND flash memory decreased significantly which was reflected on Micron Technology’s stock which suffered a 45% decline. However, despite the recent decline MU is still up 260% since 2016 low and the technical picture is suggesting a recovery to take place.

One of the most commune corrective structure is the double three 7 swings WXY. The Market does 3 waves move, then it corrects in 3 waves followed with another 3 waves move to the same direction of the previous 3 waves. In total, it has 7 swings which can be seen in the 4H Chart of MU as the stock has been declining since May 2018 in corrective structures. In addition, MU reached the 100% Fibonacci extension $34.63 represented by the blue box area which is a High-frequency areas where markets are likely to end cycles and make a turn.