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Over the past decade, Lam Research (LRCX) has traced out an impressive Elliott Wave structure—one that may now be setting the stage for a major Wave 3 advance. From a long-term low around $5, the stock exploded upward in a clear 5-wave impulsive move, peaking near $113. This multi-year rally most likely marked the completion of Wave 1 in a large, multi-decade supercycle.

But even in strong bull markets, corrections are necessary—and LRCX recently delivered one in classic fashion.

Following the completion of its Wave 1 at $113, LRCX retraced sharply in an ABC zigzag correction—the most common form of Wave 2 pullback in Elliott Wave theory. The correction brought prices down to the $55–$57 zone, aligning with the prior Wave 4 low, which often acts as strong support.

This level has so far held firm, and the stock has shown signs of stabilization and a rebound. If this was indeed the end of Wave 2, LRCX could be entering the early stages of a powerful new uptrend.

For this scenario to confirm, LRCX must break above $92, which is the top of the B wave in the correction and a major technical resistance zone. This level also serves as a classic breakout point where traders, technicians, and algorithms alike will be watching for confirmation.

A clean breakout above $92 would suggest that Wave 2 has completed and a new, powerful Wave 3 is now underway.

In Elliott Wave theory, Wave 3 is typically the strongest and most extended of the five-wave cycle. If LRCX has indeed completed Wave 2 and clears $92 with volume and conviction, the next major leg could stretch to between $200 and $220.

This projection is based on a 1.618 Fibonacci extension of Wave 1—an ideal but common target for Wave 3 moves. For long-term investors and swing traders alike, this represents significant upside potential from current levels.

While the structure is promising, the bullish scenario is not confirmed until $92 is broken. If LRCX stalls below that level or breaks back under $55, it could signal that the correction is ongoing or that a deeper retracement is unfolding.

As with any wave-based projection, confirmation is key. But the long-term structure is strong, and the setup is worth watching closely.