QCOM Elliott Wave Analysis Trading Lounge

QUALCOMM Inc., (QCOM) Daily Chart

QCOM Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: ZigZag

POSITION: Wave (C) of 2.

DIRECTION: Downside in wave (C).

DETAILS: Looking for further downside into Primary degree wave 2. There is a possibility we have a much larger top in place at 230$ and we are actually within a larger degree correction.

QUALCOMM Inc., (QCOM) 1H Chart

QCOM Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: ZigZag

POSITION: Wave 1 of (C).

DIRECTION: Bottom in wave 1.

DETAILS: Looking for a bottom in wave 1 to then pullback into wave 2 where you could start to look for shorts. 0.618 (C) vs. (A) stands at 140$.

This Elliott Wave analysis of QUALCOMM Inc., (QCOM) outlines both the daily and 1-hour chart structures, highlighting the current trends and possible future price movements.

* QCOM Elliott Wave Technical Analysis – Daily Chart*

On the daily chart, QCOM appears to be in the final leg of a ZigZag correction, specifically within wave (C) of Primary degree wave 2. The stock has likely completed a larger top around $230 and is now in a corrective phase. The expectation is for further downside as wave (C) unfolds. A deeper correction may occur, especially as the broader corrective structure continues to play out.

* QCOM Elliott Wave Technical Analysis – 1H Chart*

On the 1-hour chart, QCOM is potentially completing wave 1 of (C). After wave 1 concludes, a pullback in wave 2 is expected, which could provide a shorting opportunity. The Fibonacci 0.618 retracement level of wave (C) vs. wave (A) is estimated around $140, serving as a potential downside target in the larger corrective move.

Technical Analyst : Alessio Barretta

More By This Author:

Unlocking ASX Trading Success: Ramsay Health Care Limited
Elliott Wave Technical Analysis: Euro/U.S. Dollar - Thursday, Nov. 14
Elliott Wave Technical Analysis: Dogecoin Crypto Price News For Thursday, Nov 14