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

QCOM Elliott Wave technical analysis

Details:

• Expecting further downside in Wave C of (4) as the five-wave structure is incomplete.

• Currently, Wave C is only a three-wave move, suggesting one more leg lower to complete the count.

• Resistance is identified at $165, and failure to break above this level would confirm the continuation of the downtrend.

QCOM Elliott Wave technical analysis 

• Function: Counter-Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave (c) of {iv}.

• Direction: Nearing a top in Wave (c).

Details:

• Watching for a potential ending diagonal in Wave (c) before resuming the downtrend into Wave {v}.

• 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]