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

by · FXStreet

QCOM Elliott Wave technical analysis

  • Function: Counter-Trend.
  • Mode: Corrective.
  • Structure: Zigzag.
  • Position: Wave C of (4).
  • Direction: Downside into Wave (C).

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]

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