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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Chip Anderson who wrote (49150)	3/2/1998 2:38:00 PM
From: Bob Kimball	Read Replies (1) \| Respond to of 186894

INTC weekly chart is a clear H&S in both price and volume. You'd have to be emotionally long to ignore it. Confirmation of the right shoulder is provided by INTC inability to rally thru the congestion zone centered around 95. Clearly the bulls ran out of steam at that level. If you do ewave you get a clear confirmation of the end of the last rally around 95 as well. Finally, weekly MACD provides bearish divergences at the head and at the right shoulder. A pretty safe bet to the downside I would say. This decline may or may not be the start of a much bigger one, but at least should drop down below 85. Of course the best H&S shorting opportunity is a ways off when we test the neckline on a rally <!> to about 70. Now where would we suppose that rally will originate from???