QCOM Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: ZigZag.
Position: Wave (C) of 2.
Direction: Downside in wave (C).
Details: Looking for further downside into Primary degree wave 2. There is a possibility we have a much larger top in place at 230$ and we are actually within a larger degree correction.
QCOM Elliott Wave technical analysis – Daily chart
On the daily chart, QCOM appears to be in the final leg of a ZigZag correction, specifically within wave (C) of Primary degree wave 2. The stock has likely completed a larger top around $230 and is now in a corrective phase. The expectation is for further downside as wave (C) unfolds. A deeper correction may occur, especially as the broader corrective structure continues to play out.
QCOM Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: ZigZag.
Position: Wave 1 of (C).
Direction: Bottom in wave 1.
Details: Looking for a bottom in wave 1 to then pullback into wave 2 where you could start to look for shorts. 0.618 (C) vs. (A) stands at 140$.
QCOM Elliott Wave technical analysis – One-hour chart
On the 1-hour chart, QCOM is potentially completing wave 1 of (C). After wave 1 concludes, a pullback in wave 2 is expected, which could provide a shorting opportunity. The Fibonacci 0.618 retracement level of wave (C) vs. wave (A) is estimated around $140, serving as a potential downside target in the larger corrective move.
This Elliott Wave analysis of QUALCOMM Inc., (QCOM) outlines both the daily and 1-hour chart structures, highlighting the current trends and possible future price movements.
Qualcomm Inc. (QCOM) Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD stays pressured toward 1.0500, US PPI data next in focus
EUR/USD remains heavy toward 1.0500 in the European session on Thursday, hanging at yearly lows. The Trump trades-driven unabated US Dollar demand and tarrifs threat weigh on the pair. Mixed Eurozone data fail to lift the Euro. Eyes turn to US PPI data and Fed Chair Powell.
GBP/USD holds losses near 1.2650 on relentless US Dollar buying
GBP/USD is holding losses while flirting with multi-month lows near 1.2650 in European trading on Thursday. The pair remains vulnerable amid a broadly firmer US Dollar and softer risk tone even as BoE policymakers stick to a cautious stance on policy. Speeches from Powell and Bailey are eyed.
Gold price approaches 100-day SMA/50% Fibo. confluence amid sustained USD buying
Gold price touches its lowest level since September 19, around $2,550 area during the early part of the European session on Thursday. The US Dollar buying remains unabated in the wake of optimism over the expected expansionary policies by US President-elect Donald Trump.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.