**SMCI Elliott Wave Update for April 18, 2024**

Super Micro Computer Inc. (SMCI) has recently showcased a robust price action, presenting an intriguing Elliott Wave structure. Let’s delve deeper into the Elliott Wave analysis to understand the potential future trajectory of SMCI’s stock price:

**SMCI’s Recent Price Movements:**

SMCI has exhibited a powerful reversal, transitioning from a low of 890 to a high of 1020 in what appears to be a clear Wave 1 movement. This strong upward momentum signals potential bullish sentiment and sets the stage for further analysis.

**Elliott Wave Count and Price Targets:**

1. **Wave 1 and Wave 2 Retracement:**
– **Wave 1:** The recent rally from 890 to 1020 is identified as a Wave 1 movement.
– **Wave 2:** Following the Wave 1 rally, SMCI experienced a retracement back to the 950 level, constituting the Wave 2 correction.

2. **Key Support and Resistance Levels:**
– **Primary Support:** SMCI must maintain above the 950 support level to validate the continuation of its bullish trajectory.
– **Breakout Level:** A breakout above the 1000 resistance level is crucial for SMCI to set a new bullish momentum.

3. **Potential Upside Price Targets:**
– **Immediate Target:** If SMCI can hold the 950 support and breach the 1000 level, the next target projected at 1.618 Fibonacci extension of Wave 1 is between 1155-1160.
– **Long-term Target:** Successfully clearing the 1155-1160 resistance could pave the way for a longer-term bullish move, targeting the 2000 level, which aligns with the 1.618 Fibonacci extension of the Wave 1, indicating a potential Wave 3 development.

**Key Levels to Monitor:**

– **Support Level:** SMCI needs to maintain above the 950 support level to confirm the continuation of the bullish trend.

– **Resistance Levels:** A breakthrough above the 1000 and 1155-1160 levels would validate the bullish momentum, setting the stage for a potential long-term target at 2000.

**Conclusion:**

Super Micro Computer Inc. (SMCI) is currently navigating a critical phase in its Elliott Wave structure. The recent strong reversal and Wave 1 movement, followed by a Wave 2 retracement, indicate potential bullish momentum in SMCI’s price action. To confirm this bullish scenario, SMCI must hold above the 950 support level and successfully breach the 1000 and 1155-1160 resistance levels. If these key levels are surpassed, SMCI could be targeting the 2000 level in the longer term, aligning with the 1.618 Fibonacci extension of the Wave 1 and indicating a potential Wave 3 development. As the market evolves, it’s essential for traders and investors to closely monitor these key levels and adjust their strategies accordingly to capitalize on potential price movements effectively.