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KLAC: Primed for a Wave 3 Breakout?
KLA Corporation (KLAC), a leading force in the semiconductor equipment sector, has exhibited one of the cleanest long-term Elliott Wave structures in the market. Over the past decade, KLAC surged in a powerful 5-wave advance from $50 to $896, completing what appears to be a textbook Wave 1 in a long-term bullish supercycle.
But even the strongest trends need to breathe—and KLAC recently did just that through a sharp, technical Wave 2 correction.
ABC Zigzag Correction to Support
In the past 3 months, KLAC pulled back in an ABC zigzag formation, one of the most common corrective patterns following a completed Wave 1. This type of correction is typically sharp and emotional, designed to shake out weak hands before a much larger rally resumes.
KLAC found its footing after hitting a key low and reversed sharply, signaling that demand returned at key technical support levels. The rebound from the low is strong—but it’s not yet a confirmed Wave 3. A crucial resistance zone remains.
Key Level: $810 Breakout Needed
For the bullish structure to gain confirmation, KLAC must break above $810, which aligns with the 0.786 Fibonacci retracement level from the $896 high. This level is technically significant—it represents the final barrier in typical retracement zones before full trend continuation.
A clean and decisive breakout above $810 would strongly suggest the correction is over and that Wave 3 is beginning. This could draw in technical traders, institutions, and trend followers who’ve been waiting for confirmation before entering.
Wave 3 Target: $1750–$1800
If KLAC has indeed bottomed and is about to launch into Wave 3, the upside is substantial. In Elliott Wave theory, Wave 3 is often the strongest and longest move in the cycle, typically extending to 1.618x the length of Wave 1.
Applying this projection, the next target for KLAC sits between $1750 and $1800, potentially more than double the $810 breakout zone—and over 3x from the Wave 2 low.
This aligns with KLAC’s long-term trajectory in the semiconductor space, especially amid AI, automotive, and data center tailwinds.