Lam Research (LRCX) remains bullish despite a corrective wave IV. The Elliott Wave review suggests an additional reversal potential while the Wave Viring approach.
The Lam Research Corporation (LRCX) shows a strong long-term bullish trend based on the Elliott Wave review. The multi-decade chart features a clear impulsive structure that began in the early 2000s. After finishing a large correction transfer, labeled as a cycle wave II, the stock began a solid and strong rally.
Wave III has led a well-defined five-wave pattern from the low 2009. The chart shows strong momentum and clean internal subdivisions, supporting the view of an extended bullish phase. Today, Lam Research is undergoing a correction on the wave IV, which appears to produce a double zigzag. The order of correction is labeled as (w))-((x))-((y)).
The main support lies at $ 0.6604. As long as the price stays above this level, the bullish view remains in effect. The chart features a right tag and a clear note: “We do not recommend sale.” This signal that the trend remains and the merchants should not oppose it. Pullbacks like the current offer an opportunity to get into better prices, not a reason to come out.
The Wave IV is still emerging, but once it is completed, the wave V. should begin. This final leg is expected to break into new all-time highs. While the exact timing is unsure, the setup will continue to favors consumers in the long run.
