QUALCOMM Inc. (QCOM) Elliott Wave Analysis – Trading Lounge Daily Chart

QUALCOMM Inc. Daily Chart Analysis

QCOM Elliott Wave Technical Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C of (4)

Direction: Downside into Wave (C)

Details: 

• Further downside is expected in Wave C of (4) as the five-wave corrective structure remains incomplete.
• Currently, Wave C consists of only three waves, indicating one more downward move to finalize the pattern.
• Key resistance stands at $165, and failure to break above this level will confirm the continuation of the downtrend.

QCOM Elliott Wave Technical Analysis – TradingLounge 1H Chart

Function: Counter-Trend

Mode: Corrective

Structure: Zigzag

Position: Wave (c) of {iv}

Direction: Nearing a top in Wave (c)

Details:

• Watching for a possible ending diagonal in Wave (c) before the downtrend resumes into Wave {v}.
• The current price action is testing the temporary base channel, further supporting the bearish outlook.

Technical Analyst: Alessio Barretta

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Conclusion
This Elliott Wave analysis of QUALCOMM Inc. (QCOM) provides a detailed technical outlook for traders. Monitoring price action, resistance levels, and wave structures will assist traders in aligning their strategies with the broader market trend.