In our Elliott Wave analysis of QUALCOMM Inc. (QCOM), we observe an impulsive trend characterized by a Motive wave structure. QCOM is currently positioned in Intermediate wave (3), indicating a continuation higher as we trade above the key trend line (TL2) at $200. The analysis suggests that we are in the latter stages of wave (3), with the potential to reach higher levels as the trend unfolds. Traders should watch for further upside movements and monitor key resistance levels to gauge the strength of the current trend and prepare for potential profit-taking opportunities as we approach the completion of wave (3).

QCOM Elliott Wave technical analysis – Four-hour chart

On the 4-hour chart, QCOM is following an impulsive trend within a Motive wave structure, specifically in wave 5. The current analysis indicates that QCOM may be completing or has already completed a triangle in wave 4. This pattern suggests a consolidation phase before a breakout higher. With the completion of wave 4, QCOM is now targeting the medium level at $250. Traders should observe this breakout from the triangle as a confirmation for entering long positions, with an eye on $250 as a potential target for wave 5.

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave 5.

Direction: Upside in wave 5.

Details: It seems like we are completing or have completed a triangle in wave 4 and we could now be targeting medium level at 250$.

Welcome to our latest Elliott Wave analysis for QUALCOMM Inc. (QCOM) as of June 12, 2024. This analysis provides an in-depth look at QCOM's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on QCOM's market behavior.

Qualcomm Inc. (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.

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.