MU is moving higher again, although today's advance is relatively modest at approximately 14 points. That may not sound particularly exciting compared with some of the larger moves recently seen in technology stocks, but the current price action could be more important than the daily gain suggests.

The reason is simple: MU is approaching a major breakout level near $1,050.

If the stock can decisively break above that area, the chart appears to have a relatively clear path toward its previous all-time high near $1,255. Beyond that, a larger Elliott Wave structure could potentially target significantly higher prices.

The short-term and long-term counts are beginning to align.

Short term, MU appears to have completed a Wave 2 correction and may be developing a Wave 3 advance toward $1,100–$1,120. Longer term, the stock has a much larger Wave 3 target of $2,800–$3,000, although that scenario requires a successful breakout above the critical $1,130 level, corresponding to the .786 retracement area.

For now, however, traders do not need to look that far ahead.

The immediate question is whether MU can break $1,050.

The larger Elliott Wave count begins with a powerful Wave 1 advance:

Wave 1: $61 to $1,250
Wave 2: $1,250 to $740
Wave 3: Potential target of $2,800–$3,000

MU's Wave 1 was an enormous move, carrying the stock from approximately $61 to $1,250. That established the major bullish trend and created the first impulsive leg of the larger cycle.

Following that advance, the stock entered a significant Wave 2 correction, declining from approximately $1,250 to the $740 area.

That correction created the foundation for the current recovery.

Under the bullish interpretation, the $740 area marked the completion of Wave 2, meaning MU may now be working its way into a much larger Wave 3 advance. Wave 3 is typically the strongest and most powerful portion of an Elliott Wave impulse, although the market must still provide confirmation before the largest targets can be considered active.

The critical long-term confirmation level is approximately $1,130.

That level corresponds to the important .786 retracement area. A successful breakout above $1,130 would represent a major technical development because it would place MU above a key barrier and strengthen the argument that the Wave 2 correction is complete.

If that larger breakout occurs, the long-term Wave 3 target comes into focus around:

$2,800–$3,000.

That is the big-picture potential. But first, MU must continue navigating the shorter-term resistance levels directly in front of it.

The shorter-term Elliott Wave structure is much closer to confirmation.

The proposed count is:

Wave 1: $741 to $930
Wave 2: $930 to $822
Wave 3: Potential target of $1,100–$1,120

The Wave 1 advance from $741 to $930 established a clear bullish move off the larger Wave 2 low. MU then pulled back from $930 to approximately $822, forming a Wave 2 correction.

The next major requirement was for the stock to overcome the previous Wave 1 high near $930.

A close above $930 provides the breakout confirmation for the developing Wave 3 structure. From there, the measured move and Elliott Wave projections point toward approximately $1,100–$1,120.

That target zone also begins to overlap with the larger long-term breakout area near $1,130.

This creates an important sequence on the chart.

First, MU establishes the short-term Wave 3.

Then it approaches the $1,100–$1,120 target zone.

Finally, a continued advance through approximately $1,130 could provide confirmation for the much larger long-term Wave 3 structure.

In other words, the short-term and long-term charts may be working toward the same critical area.

Today's move may only be approximately 14 points, but MU does not need to explode higher every day to remain bullish.

Sometimes the most constructive market action is incremental.

The stock moves up a little, consolidates, absorbs sellers, and then moves higher again. That type of steady advance can build a strong foundation for a more significant breakout.

MU is now approaching $1,050, which appears to be the next major obstacle.

A decisive break through $1,050 could be important because there appears to be relatively limited major resistance between that level and the previous all-time high near $1,255.

That does not mean the stock will move directly from $1,050 to $1,255 without pauses or pullbacks. Markets rarely move in a perfectly straight line. But technically, removing $1,050 could open a much easier path toward the prior high.

The potential sequence is therefore:

$1,050 breaks → momentum accelerates → $1,100–$1,120 short-term Wave 3 target → $1,130 long-term .786 breakout → previous all-time high near $1,255.

That is why $1,050 deserves attention even more than today's modest 14-point gain.

The size of today's move is less important than the direction and location of the move.

MU is incrementally working its way toward a level that could dramatically change the resistance structure above it.

Traders sometimes make the mistake of assuming a strong stock must produce spectacular gains every day.

That is not how major trends always develop.

A stock can remain extremely bullish while advancing in small increments. In fact, a slow, controlled climb can sometimes be healthier than a vertical spike because it gives the market time to consolidate and absorb selling pressure.

MU's current action could fit that description.

If buyers continue pushing the stock gradually higher while preventing any meaningful breakdown, the pressure on resistance near $1,050 could continue building.

Eventually, repeated tests of resistance can weaken the supply available at that level.

The important thing to watch is whether MU continues making progress.

If the stock repeatedly approaches $1,050 and gets rejected sharply, that would suggest sellers remain active. But if it continues building beneath the level, establishing higher lows, and returning to challenge resistance, the probability of a successful breakout can increase.

A breakout would then place the short-term Elliott Wave target near $1,100–$1,120 directly in focus.

The previous all-time high near $1,255 is the next major long-term destination if MU successfully clears the intermediate resistance levels.

This is where the Elliott Wave structure becomes particularly interesting.

The short-term target near $1,100–$1,120 is not the end of the story. That zone sits immediately beneath the larger confirmation level near $1,130.

If MU can break through $1,130 and continue higher, the market could then have a relatively straightforward technical path toward the previous high near $1,255.

A breakout above the all-time high would be an even larger development.

At that point, MU would no longer be dealing with overhead resistance created by previous price history. The focus could shift toward the long-term Wave 3 projections.

The major target remains:

$2,800–$3,000.

That target should be viewed as conditional on the larger breakout structure continuing to confirm. The market still needs to break and hold above important levels before such a move can be considered active.

But the path begins with the immediate resistance directly in front of the stock.

MU is incrementally higher today, gaining approximately 14 points, but the more important development is its approach toward $1,050 resistance.

A successful breakout above that level could create a relatively easy path toward the previous all-time high near $1,255.

The Elliott Wave structure currently suggests:

Long Term:
W1: $61 to $1,250
W2: $1,250 to $740
W3 Target: $2,800–$3,000 if $1,130 breaks at the .786 level

Short Term:
W1: $741 to $930
W2: $930 to $822
W3 Target: $1,100–$1,120 following the 1.618 projection and a confirmed close above $930

The immediate level to watch is:

$1,050.

A break through that area could bring the $1,100–$1,120 target into focus quickly. Continued strength above approximately $1,130 would then strengthen the larger bullish structure and potentially clear the way toward the all-time high near $1,255.

From there, the long-term Elliott Wave picture becomes much more interesting.

Today's move may only be 14 points.

But sometimes a stock does not need fireworks to send a bullish signal.

Incremental strength can be the beginning of a much bigger breakout.