Intel is still trading within a falling channel in what could potentially be a 5-wave move.
Price is still above the major horizontal support established since August, but it would not surprise me if we see another move to the downside to complete wave 5.
This would have to be shorter than wave 3, because 3 is already shorter than 1 and 3 cannot be the shortest wave.
If we connect the bottoms of 2002 and 2008 with a trend line, this would fit as the bottom at around 9$. This could be reached if the market starts to correct significantly.
We may already be in that correction, only time will tell.
Price is still above the major horizontal support established since August, but it would not surprise me if we see another move to the downside to complete wave 5.
This would have to be shorter than wave 3, because 3 is already shorter than 1 and 3 cannot be the shortest wave.
If we connect the bottoms of 2002 and 2008 with a trend line, this would fit as the bottom at around 9$. This could be reached if the market starts to correct significantly.
We may already be in that correction, only time will tell.
Note
it didn't break support and was running out of space within the channel. Nice +20% gain in a week, waiting for a retest of the channel. Still not completely abandoning the idea of 9$, but only if the market crashes within the next few weeks. Note
A 26% drop from the high on Feb 18th, MACD and RSI showing buy signals again. But what if this turns out to be a repeat of August ?
Might be crazy, but my buy point remains 9$.
Note
going sideways, but trend is still down imho:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.