QCOM Elliott Wave Analysis – Trading Lounge Daily Chart

QUALCOMM Inc. (QCOM) Daily Chart
QCOM Elliott Wave Technical Analysis

FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Wave {iii} of 1
DIRECTION: Upward movement expected in wave {iii}
DETAILS: Currently positioned near the MediumLevel support at $150, aiming for further gains in minute wave {iii}

The Elliott Wave analysis for QCOM on the daily chart suggests a strong bullish trend. The stock is currently moving within minute wave {iii} of wave 1, showing potential for additional upside. With the price stabilizing around the $150 MediumLevel, momentum remains intact. A breakout above recent highs would confirm the continuation of wave {iii}, pointing to a sustained upward movement in the short to medium term. 

QUALCOMM Inc. (QCOM) 1H Chart
QCOM Elliott Wave Technical Analysis

FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Wave (iv) of {iii}
DIRECTION: Bottom likely forming in wave (iv)
DETAILS: A completed five-wave move in wave (iii) is followed by a corrective three-wave structure in wave (iv)

The 1-hour chart provides a more detailed look at the internal structure of wave {iii}. After a clear five-wave rally completing wave (iii), QCOM has entered a corrective phase identified as wave (iv). This move appears to be a standard three-wave correction. Traders are watching for a bottoming signal in wave (iv), which would set the stage for wave (v) to resume the uptrend. A successful upward move would likely retest and exceed recent highs, continuing the current bullish wave pattern.

Technical Analyst: Alessio Barretta

More By This Author:

Elliott Wave Technical Forecast: Newmont Corporation - Thursday, June 19
Elliott Wave Technical Analysis: IBEX 35 - Thursday, June 19
Elliott Wave Technical Analysis: Euro/U.S. Dollar - Thursday, June 19