Micron Technology (MU) is developing a potentially powerful Elliott Wave structure on both the long-term and short-term timeframes. The larger count suggests that MU could be entering a major Wave 3 advance toward 2,800–3,000, provided the stock can break the critical 1,130 level. At the same time, the short-term count offers a nearer-term objective of 1,100–1,120 if MU can achieve a close above 930, with the projection based on a potential 1.618 Fibonacci relationship.

The two counts provide a layered roadmap. The short-term structure could represent an internal advance within the much larger long-term bullish pattern.

The long-term structure is:

Wave 1: 61 → 1,250

Wave 2: 1,250 → 740

Wave 3 target: 2,800–3,000 if 1,130 breaks at .786

The short-term structure is:

Wave 1: 741 → 930

Wave 2: 930 → 822

Wave 3 target: 1,100–1,120 if there is a close above 930

This creates two important confirmation levels: 930 for the short-term count and 1,130 for the larger long-term structure.

The long-term Elliott Wave count begins with a massive proposed Wave 1 advance from 61 to 1,250.

That represents an extraordinary move of 1,189 points, establishing the foundation for the larger bullish structure.

A Wave 1 of this magnitude is significant because it demonstrates the scale of the initial impulsive move. Once that advance is complete, Elliott Wave analysis looks for a corrective phase that can potentially reset the market before another major impulse develops.

For MU, the proposed Wave 1 reached 1,250.

The stock subsequently entered a substantial correction.

The proposed Wave 2 correction declined from 1,250 to 740.

That represents a decline of 510 points.

Although this was a substantial correction, the proposed Wave 2 low at 740 remained well above the original 61 starting point of Wave 1.

That distinction is critical.

The current count interprets the decline to 740 as the completion of Wave 2 rather than the end of the larger bullish structure.

If 740 is indeed the Wave 2 low, then MU has potentially established the foundation for a much larger Wave 3.

The next major confirmation level is 1,130.

The long-term bullish scenario becomes significantly more compelling if MU breaks 1,130.

The proposed count calls for a long-term Wave 3 target of 2,800–3,000 if 1,130 breaks at .786.

That makes 1,130 the major confirmation level for the larger structure.

A move through this level would demonstrate that MU has recovered a substantial portion of the previous correction from 1,250 to 740.

It would also place the stock close to the previous Wave 1 high.

The roadmap is therefore:

61 → 1,250: Wave 1

1,250 → 740: Wave 2

1,130: Long-term breakout confirmation

2,800–3,000: Potential Wave 3 target

The .786 level adds another important Fibonacci component to the analysis. A breakout through this retracement area would indicate that MU has recovered a large portion of the preceding corrective move.

If that breakout develops into sustained upside momentum, the larger Wave 3 projection becomes increasingly relevant.

The proposed 2,800–3,000 target represents a dramatic expansion above the previous 1,250 high.

That type of move would be consistent with the possibility of an extended Wave 3 following the completion of the Wave 2 correction at 740.

Wave 3 is frequently the strongest portion of an Elliott Wave impulse. It can attract significant momentum as the market begins recognizing that the preceding correction has ended.

However, the target should be viewed as conditional.

MU would first need to establish the necessary structural confirmations, beginning with 1,130.

The stock would also need to successfully challenge and ultimately exceed the previous 1,250 high.

A move above 1,250 would provide another major confirmation that the long-term correction has ended and that the next impulsive phase is developing.

Only after those milestones does the larger 2,800–3,000 objective become increasingly relevant.

The short-term count provides a much closer look at the current structure.

The proposed short-term Wave 1 advances from 741 to 930.

That represents an advance of 189 points.

After reaching 930, MU corrected to 822, creating the proposed short-term Wave 2.

This correction therefore represents a decline of 108 points from the short-term Wave 1 high.

If 822 completed the short-term Wave 2, the next phase would be Wave 3.

The projected target is 1,100–1,120.

The decline from 930 to 822 is important because it establishes the proposed short-term Wave 2 low at 822.

If that low remains intact, the current structure suggests that MU could be preparing for another impulsive advance.

The short-term bullish confirmation is very specific:

A close above 930.

That would demonstrate that MU has not only recovered from the correction but has also exceeded the previous short-term Wave 1 high.

A new high above 930 would strengthen the argument that the decline to 822 completed Wave 2.

From there, the projected short-term Wave 3 target is 1,100–1,120.

The short-term target of 1,100–1,120 is based on a potential 1.618 Fibonacci relationship.

The initial short-term Wave 1 traveled from 741 to 930, a move of 189 points.

If the decline to 822 completed Wave 2, a 1.618 relationship can be used to project the potential size of Wave 3.

That produces the current 1,100–1,120 target zone.

The important trigger is a close above 930.

Once that occurs, the market would have established a new short-term high, creating the structural confirmation needed for the Wave 3 projection.

The long-term and short-term counts are particularly interesting because their targets overlap in a logical sequence.

The short-term count is looking for:

822 Wave 2 low

↓

Close above 930

↓

1,100–1,120 Wave 3 target

The long-term count is looking for:

740 Wave 2 low

↓

Break above 1,130

↓

2,800–3,000 Wave 3 target

This means the short-term target of 1,100–1,120 is actually just below the long-term confirmation level of 1,130.

That creates an important potential transition zone.

If MU rallies toward 1,100–1,120, the stock would be approaching the much more significant 1,130 long-term breakout level.

A successful move through 1,130 would therefore potentially connect the short-term and long-term structures.

In other words, the short-term Wave 3 could provide the momentum necessary to take MU into the long-term breakout zone.

The first number to watch is 930.

The short-term structure requires a close above 930 to confirm the proposed Wave 3 scenario.

A move above this level would indicate that the correction from 930 to 822 has likely ended under the current interpretation.

It would also establish a new short-term high.

Once above 930, attention would shift toward 1,100–1,120.

As MU approaches that target, the market would simultaneously be approaching the long-term 1,130 confirmation level.

This makes the area around 1,100–1,130 particularly important.

While 930 is the short-term trigger, 1,130 is the more important long-term level.

A breakout above 1,130 would indicate that MU has recovered much of the decline from 1,250 to 740.

The proposed long-term target would then become 2,800–3,000, based on the specified .786 breakout framework.

The previous 1,250 high would become the next major structural hurdle.

If MU clears 1,250, the larger Wave 3 interpretation would receive even stronger confirmation.

At that point, the market would have moved beyond the entire previous Wave 1 peak and entered completely new territory.

The current analysis can be summarized across both timeframes.

Wave 1: 61 → 1,250

Wave 2: 1,250 → 740

Key breakout: 1,130

Potential Wave 3 target: 2,800–3,000

Breakout framework: .786

Wave 1: 741 → 930

Wave 2: 930 → 822

Key confirmation: Close above 930

Potential Wave 3 target: 1,100–1,120

Fibonacci relationship: 1.618

These two counts provide a sequence of increasingly important milestones.

930 is the immediate short-term confirmation.

1,100–1,120 is the short-term Wave 3 objective.

1,130 is the major long-term breakout.

1,250 is the previous long-term Wave 1 high.

2,800–3,000 is the major long-term Wave 3 target.

MU is presenting a potentially significant Elliott Wave setup on both the short-term and long-term timeframes.

The long-term count identifies Wave 1 from 61 to 1,250, followed by Wave 2 from 1,250 to 740. If MU breaks 1,130 within the proposed .786 breakout framework, the long-term Wave 3 target is 2,800–3,000.

The short-term count identifies Wave 1 from 741 to 930, followed by Wave 2 from 930 to 822. A close above 930 would confirm the short-term bullish scenario, with 1,100–1,120 projected for Wave 3 based on a potential 1.618 Fibonacci relationship.

The key numbers are:

Long-term Wave 1: 61 → 1,250

Long-term Wave 2: 1,250 → 740

Long-term breakout: 1,130

Long-term Wave 3 target: 2,800–3,000

Short-term Wave 1: 741 → 930

Short-term Wave 2: 930 → 822

Short-term breakout: Close above 930

Short-term Wave 3 target: 1,100–1,120

The most immediate test is 930. A close above that level would strengthen the short-term Wave 3 count and put 1,100–1,120 into focus.

If MU continues higher and ultimately breaks 1,130, the larger Elliott Wave structure would receive a major confirmation. From there, the previous 1,250 high becomes the next major hurdle, while the long-term 2,800–3,000 target represents the potential destination for a much larger Wave 3.

The critical sequence is therefore 930 → 1,100–1,120 → 1,130 → 1,250, with a successful continuation potentially opening the path toward 2,800–3,000.