**SMCI Elliott Wave Update – April 24, 2024**

The stock market has been a whirlwind of activity lately, with many stocks experiencing significant volatility. Among these, SMCI (Super Micro Computer, Inc.) has shown notable strength and resilience, suggesting a potential turnaround in its Elliott Wave pattern.

**Strong Reversal and Wave Formation**

Today, SMCI exhibited a strong reversal, successfully forming both Wave 1 and Wave 2 off what appears to be a potential bottom. The formation of a clear 1-2-3 pattern is a positive sign, often indicative of a developing bullish trend.

**Wave 3 Potential**

With the current wave pattern in place, the stage seems set for a potential Wave 3. For this bullish scenario to materialize, SMCI needs to break the 793 level. If this breakout occurs, we could see the stock targeting the 925-950 range in the coming weeks.

**Critical Support and Resistance Levels**

A crucial factor to monitor for SMCI’s upward trajectory is its ability to hold above key support levels. Pre-market trading data shows SMCI currently trading at 798, which has already surpassed the top of Wave 1 at 747. If the stock can maintain this momentum and stay above the 793 level without retracing below the 747 mark, it would strengthen the case for a move towards the 925-950 range.

**Previous Analysis and Current Breakthrough**

In yesterday’s update, we highlighted the significance of SMCI breaking the 765 level, which would set up a potential bottom at the .382 retracement level. Today, SMCI not only broke but also smashed through this level, further reinforcing the bullish sentiment surrounding the stock.

**Conclusion**

The recent price action and wave patterns of SMCI suggest a promising outlook for the stock. The formation of a clear 1-2-3 pattern and the potential for a Wave 3 breakout towards the 925-950 range are encouraging signs for bullish traders and investors.

However, as with any trading or investment opportunity, there are risks involved. It’s crucial to monitor the stock’s performance closely, paying particular attention to critical support and resistance levels like 793 and 747.

Always remember to conduct thorough research and consider various technical and fundamental indicators before making any trading decisions. While Elliott Wave Theory provides valuable insights into market trends, it should be used in conjunction with other analytical tools to make informed and strategic investment choices.