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.

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.

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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