TA on QCOM: Elliott Wave shows itself again
from the late March high of 160, we fell hard
QCOM appears to have fallen in three identifiable stages
stage#1: after steadyeddy behavior at low 130's give/take, and a brief blowoff top toward 160, we had a sudden decline to low 120's, supported by the flat moving averages, with a bounce up to 150... this stage is preceded by a reluctance to hold highs
stage#2: a loud ugly fast steady relentless decline to 100, after a breakdown below moving averages near 140, followed by a bounce back to 120, and a return to 100, all happening under the moving averages, which lately have transformed into upside resistance
stage#3: a breakdown off the 100 support levels, after building a clear bear descending triangle with base at 100, then falling to 78 yesterday, bouncing sharply upward toward 90, now settling down in lower 80's... this stage is concluded by a reluctance to hold lows
usually EWave sees first and third legs about same size, with second leg bigger, more sudden, and more painful... we saw exactly that
unclear where support is... but if a symmetry argument could be produced, it might go like this
peaks were seen at 150-160
Feb-March levels were steady at 130-135
April-May support was firm at 98-100
bottoms symmetrically could be expected at 78-82 ???
we need to see clear unwillingness to be in 70's
it makes sense, we will see
from the desk of a jackass
good sign: financial stocks (i.e. big banks) are firm NOW !!!
this is understood to mean the Fed tightening cycle is near its end
hey Ruffian, nice call last week about seeing 70's soon
/ Jim Willie |
