QUALCOMM (QCOM) is consolidating close to the $150 mark, a crucial medium-level resistance. The Elliott Wave analysis suggests wave (ii) is concluding within a larger wave {iii}. If the price sustains above this level, it could validate the bullish scenario and launch an impulsive move into wave (iii) of {iii}. This outlook supports further upward movement in the near term, provided price action confirms the structure.

QCOM Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave c of (ii).

Direction: Upside in Wave (iii).

Details: Wave (ii) appears as a flat correction with one final leg expected in wave c before an aggressive move higher into wave (iii) of {iii}.

The 1-hour chart shows wave (ii) nearing completion, appearing as a flat correction. The last leg of wave c is anticipated to finish this phase. Once confirmed, QCOM is likely to reverse and move strongly to the upside in wave (iii) of {iii}. This pattern provides a favorable setup for traders focusing on trend continuation strategies, particularly above the $150 zone.

Technical analyst: Alessio Barretta.

QCOM Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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