In our Elliott Wave analysis of QUALCOMM Inc. (QCOM), we observe an impulsive trend characterized by a Motive wave structure. QCOM is currently positioned in Intermediate wave (3), indicating a continuation higher as we trade above the key trend line (TL2) at $200. The analysis suggests that we are in the latter stages of wave (3), with the potential to reach higher levels as the trend unfolds. Traders should watch for further upside movements and monitor key resistance levels to gauge the strength of the current trend and prepare for potential profit-taking opportunities as we approach the completion of wave (3).

QCOM Elliott Wave technical analysis – Four-hour chart

On the 4-hour chart, QCOM is following an impulsive trend within a Motive wave structure, specifically in wave 5. The current analysis indicates that QCOM may be completing or has already completed a triangle in wave 4. This pattern suggests a consolidation phase before a breakout higher. With the completion of wave 4, QCOM is now targeting the medium level at $250. Traders should observe this breakout from the triangle as a confirmation for entering long positions, with an eye on $250 as a potential target for wave 5.

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave 5.

Direction: Upside in wave 5.

Details: It seems like we are completing or have completed a triangle in wave 4 and we could now be targeting medium level at 250$.

Welcome to our latest Elliott Wave analysis for QUALCOMM Inc. (QCOM) as of June 12, 2024. This analysis provides an in-depth look at QCOM's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on QCOM's market behavior.

Qualcomm Inc. (QCOM) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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