Qualcomm (QCOM): Waiting for Long EntryQualcomm (QCOM): NASDAQ:QCOM
For Qualcomm Inc. on the weekly chart, we now assume that after the significant rise during the Dotcom Bubble for Wave (1), and having observed Waves (4) at $101.47, we are approaching the completion of Wave (5) / the first 5-wave cycle towards Wave I. We expect this Wave (5) to be in the range of 50 to 61.8%. This places us at a level of $184 to $203. The maximum for Wave (5) is at $266.5, which is less typical. The more common range is between 50 and 61.8% in the Fibonacci extension. Thus, we anticipate surpassing our all-time high slightly, and specifically, the Wave B of the correction wave (4) before $193.85. Please note that there is a not so small possibility that we have not seen the wave (3) and (4) yet and we are going to surge even higher.
In the short term, we aim to make entry into Qualcomm. We assume that we have completed Wave 3 and will see a downward correction. For the Wave 4, we expect to reach between 38% and a maximum of 50%. The 50% level coincides with the level of Wave 1, so we do not expect to fall below this. The level of Wave 1 is at $140, setting our stop-loss below $140. We anticipate an increase from 50 to 61.8%, and going beyond this would be unlikely.
We are going to wait again before we share our limit order because we want to be sure and see some weakness.
