QUALCOMM Inc. (QCOM) Elliott Wave Analysis – Trading Lounge

QCOM Elliott Wave Technical Analysis – Daily Chart

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 – 1H Chart

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.

Technical Analyst: Alessio Barretta

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