QUALCOMM Inc. (QCOM) Elliott Wave Analysis – Trading Lounge Daily Chart
QCOM Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: ZigZag
Position: Wave (C) of 2
Direction: Downside in wave (C)
Details:
QUALCOMM Inc. (QCOM) is currently in a corrective phase within Primary degree wave 2, specifically progressing through wave (C) of a ZigZag structure. There is a possibility that the stock has formed a larger top at $230, suggesting that QCOM may be undergoing a higher-degree correction. Further downside is anticipated as this correction unfolds.
QCOM Daily Chart Overview:
QCOM is in wave (C) of Primary degree wave 2, a corrective ZigZag structure. A deeper correction is expected as the price moves downward, with the previous top near $230 indicating the start of this phase.
QUALCOMM Inc. (QCOM) Elliott Wave Analysis – Trading Lounge 1-Hour Chart
QCOM Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: ZigZag
Position: Wave 1 of (C)
Direction: Bottom in wave 1
Details:
On the 1-hour chart, QCOM appears to be concluding wave 1 of (C) within the corrective structure. After wave 1 is complete, a pullback in wave 2 is likely, offering a potential shorting opportunity. The 0.618 Fibonacci retracement of wave (C) vs. wave (A) stands around $140, which could act as a target level for the larger corrective move.
QCOM 1-Hour Chart Overview:
1-Hour Chart: A bottom in wave 1 of (C) is anticipated, followed by a pullback into wave 2, which could present shorting opportunities. The Fibonacci 0.618 level around $140 acts as a key downside target.
By closely monitoring these levels and corrective phases, traders can align strategies with QCOM's Elliott Wave structure.
Technical Analyst: Alessio Barretta
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