Yep, but I think when a pattern presents itself so clearly one must play it. This is as good as it gets in terms of Elliott Wave clarity. Just like in the overall picture one must still believe in the big C up if you are a bear. We had 5 waves down and are now just doing an ABC correction before a more powerful down leg in the overall indexes.
stockcharts.com[w,a]mhclyyay[d20000202,20031202][pf][vc60][ilb14!la12,26,9!ld20!lp14,3,3!lk14!lah12,26,9!ll14][J9987265,Y]&pref=G
But back to Qcom. A big move up actually makes sense to me with this stock. Helk, they are one of the only companies increasing guidance in such a crappy business environment. Say what you will about the company and their technology, you cannot ignore their great earnings. Jesus, Amzn comes out with good earnings and the stock trades at 100 p/e. Same goes true for Yhoo and Ebay, but Qcom has a great company, great earnings and people say the stock is expensive at a 35 p/e. Man, go figure. I think this thing could go to $50 by July. |
