AMD shares have recently dipped to a new local low at $424.03, which now marks the start of the current upward move. Since then, the price has rebounded and gained fresh upside momentum. In our primary view, AMD is in the final stages of a long-term uptrend. We expect the top to form within our red Target Zone ($689.65–$762.45), after which a more substantial correction is likely. In the alternative scenario, AMD has already completed its upward trend and is now entering a long-term correction. In this case, further sell-offs below support at $424.03 would be expected, and our red Target Zone ($689.65–$762.45) would no longer be relevant (probability: 33%).