QUALCOMM Inc. (QCOM) Elliott Wave technical analysis [Video]
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QCOM Elliott Wave technical analysis
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Function: Counter-Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave C of (4).
- Direction: Downside into Wave (C).
Details:
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Expecting further downside in Wave C of (4) as the five-wave structure is incomplete.
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Currently, Wave C is only a three-wave move, suggesting one more leg lower to complete the count.
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Resistance is identified at $165, and failure to break above this level would confirm the continuation of the downtrend.
QCOM Elliott Wave technical analysis
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Function: Counter-Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave (c) of {iv}.
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Direction: Nearing a top in Wave (c).
Details:
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Watching for a potential ending diagonal in Wave (c) before resuming the downtrend into Wave {v}.
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Current price action is interacting with the temporary base channel, adding further confirmation to the analysis.
Conclusion
This Elliott Wave analysis of key stocks provides a comprehensive market outlook for traders. Monitoring price movements, key resistance levels, and wave structures will help traders align their strategies with market trends.
QUALCOMM Inc. (QCOM) Elliott Wave technical analysis [Video]
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