STX is on fire.

The stock is surging higher today, up approximately 49 points and roaring past the $970 level. Among the major memory names, STX now appears to be one of the closest to a major upside breakout.

The technical picture has changed rapidly. STX has already moved well above the important $880 top of the B Wave, removing a major resistance level that previously stood in the way of the recovery. With the stock now approaching the $1,000 area, attention is rapidly shifting toward the previous all-time high near $1,145.

If the current momentum continues, STX could potentially challenge that high as soon as next week.

And that is where the larger Elliott Wave structure becomes especially interesting.

The long-term count suggests that STX may have completed a major Wave 2 correction and could be preparing for a much larger Wave 3 advance. The key long-term breakout level is approximately $1,050. A sustained move through that area would provide stronger confirmation of the bullish structure and support a Wave 3 target of approximately $2,200–$2,300, based on a 1.618 extension.

For now, however, the immediate story is momentum.

STX is roaring higher, has already cleared the $880 B Wave resistance, and is rapidly closing the distance toward the $1,145 all-time high.

The larger Elliott Wave structure can be labeled as follows:

Wave 1: $63 to $1,145
Wave 2: $1,145 to $700
Wave 3: Potential target of $2,200–$2,300

Wave 1 was a massive advance.

STX moved from approximately $63 to $1,145, creating an extraordinary impulsive rally and establishing the larger bullish trend. That move demonstrated the strength of the underlying cycle and created the foundation for the current Elliott Wave count.

Following the Wave 1 peak, STX entered a significant Wave 2 correction, declining from approximately $1,145 to the $700 area.

That correction was substantial, but the key question was whether $700 represented the completion of Wave 2.

The current recovery is increasingly supporting that possibility.

If the $700 low marks the completed Wave 2, STX may now be entering the early stages of a much larger Wave 3. Under the current projection, a Wave 3 extending approximately 1.618 times Wave 1 could ultimately target the $2,200–$2,300 area.

That is the long-term bullish scenario.

But Elliott Wave targets require confirmation. Before STX can seriously begin focusing on $2,200 or $2,300, it must continue breaking through the major resistance levels on the chart.

And it is already making impressive progress.

One of the most important developments is that STX is now well above $880, the top of the previous B Wave.

That matters because major corrective highs often become important resistance levels.

A stock can rally strongly from a low while remaining trapped inside a larger corrective structure. The true test comes when it begins breaking through the important highs that previously stopped the advance.

STX has now overcome the $880 level.

That does not guarantee a straight-line move higher, but it represents a major shift in the chart structure. The recovery is no longer sitting beneath that previous B Wave resistance.

Instead, the stock has moved decisively above it.

Today's surge past $970, with the stock up approximately 49 points, adds even more momentum to the bullish picture.

The next major challenge is rapidly approaching.

The most important technical level now is approximately $1,050.

A break through that area would provide stronger confirmation that the larger Wave 3 structure is developing.

Why is $1,050 so important?

It represents the next major breakout area before the previous all-time high. If STX can sustain a move above $1,050, the chart would have overcome another major layer of resistance and created a much clearer path toward $1,145.

The sequence is becoming increasingly straightforward:

$880 breaks → major B Wave resistance cleared
$970+ → momentum accelerates
$1,050 breaks → larger Wave 3 structure receives confirmation
$1,145 → previous all-time high becomes the next major target

That is why STX may currently be the closest to a significant breakout among the major memory names.

The stock is not starting from $700 anymore.

It has already recovered hundreds of points, cleared $880, surged past $970, and is now within striking distance of the $1,050 trigger.

The previous all-time high near $1,145 is now becoming a realistic near-term target.

With STX currently trading above $970 and showing strong momentum, the distance to the previous high has narrowed considerably.

Of course, the market can always pause, consolidate, or pull back. A 49-point daily advance is powerful, and some short-term profit-taking would not be surprising.

But the key issue is no longer whether STX can recover from the $700 low.

It already has.

The question now is how quickly it can work through the remaining resistance.

If STX can clear $1,050 and hold the breakout, the market could begin looking directly toward the $1,145 all-time high.

That would be a major psychological and technical event.

A return to the all-time high would demonstrate that STX has fully recovered the Wave 2 decline. A successful breakout beyond $1,145 would then move the stock into new high territory and eliminate the overhead resistance created by the previous peak.

At that point, the larger Elliott Wave projections would become far more important.

Among the major memory names, STX appears particularly strong because it has already made substantial progress through its resistance structure.

The stock has:

That progression is significant.

Many stocks can produce a strong initial bounce. The real strength becomes visible when a stock continues overcoming one resistance level after another.

That is what STX is beginning to do.

The stock does not need to jump immediately to $1,145 in a single day. In fact, a short consolidation after today's powerful advance could be perfectly healthy.

The important thing is whether former resistance begins becoming support.

If STX pulls back and holds above previously broken levels, particularly around the B Wave breakout area, that would help reinforce the bullish structure.

Then the market could begin building toward the next major move through $1,050.

The long-term target remains approximately $2,200–$2,300.

This projection is based on the larger Elliott Wave count:

W1: $63 to $1,145
W2: $1,145 to $700
W3: $2,200–$2,300 based on a 1.618 extension

A move to that target would represent another enormous advance, which is why confirmation remains critical.

The stock first needs to establish itself above the major breakout levels.

The most important near-term trigger is $1,050.

A successful break above that area would strengthen the argument that the stock is no longer simply recovering from Wave 2. Instead, it would suggest the larger impulsive phase is gaining momentum.

The next test would then be the all-time high at $1,145.

If STX eventually clears that high and moves into new territory, the chart could have considerably less historical resistance above it. That is when the larger Wave 3 targets toward $2,200–$2,300 could begin attracting significantly more attention.

STX is roaring higher.

The stock is up approximately 49 points today, has surged past $970, and is now one of the closest major memory names to a significant breakout.

The current Elliott Wave structure is:

W1: $63 to $1,145
W2: $1,145 to $700
Potential W3: $2,200–$2,300 based on a 1.618 extension

The most important bullish breakout level is:

$1,050.

STX has already completed an important step by moving well above the $880 top of the B Wave. The next major challenge is clearing $1,050, which could open a direct path toward the previous all-time high near $1,145.

At the current pace, that all-time high could potentially come into play as soon as next week.

STX may pause after today's powerful move. It may consolidate before attacking resistance again.

But the larger message from the chart is becoming difficult to ignore:

STX has gone from defending $700 to attacking $1,000 in a powerful recovery.

And if $1,050 breaks, the all-time high at $1,145 may be the next stop.

Beyond that?

The long-term Wave 3 target remains $2,200–$2,300.