While Cisco wants to push higher before rolling over, Intel appears to have already gone to the other side feeling the bear pressure. We don"t expect Intel to make new high pretty soon if we are wrong it will be in a topping mode.
Using the Wave Principle, from the 2015 high to the 2016 low we had a 3 wave affair that was followed by another 3 wave pattern sporting equality between waves bolstering our confidence in this scenario implying a decline part of another three wave structure or even a more bearish strong C wave of expanded Flat that will bring prices below 25$. Nobody can tell but for now we are just plain bearish on Intel.
For the very short term, it appears we might push a little higher towards 35$, maybe 36$ before Intel gets whacked on the head.
Comments
Bleck
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Absolutely correct ! All agreed !
Bleck
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I suppose that if you are looking at a possible wave C of a triangle, then the high of 2015 should represent the end of a wave 3 ! This would mean a side away trading for weeks or months ! If it is wave C of a flat then we should some serious bearish pressure showing up soon ! Either way there is not much left to the upside ! I agree with you !
yauger
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@Bleck, Not all triangles are part of an impulse wave. Triangles can also be part of more complex corrective wave. The only rule is they always precede the last move within a trend of one specific degree. They can be a pause within a zigzag or even between a double zigzag. That's why I don't try to label everything on all degrees. Just too many possibilities. Right now the only that is pretty clear is as long recent high holds Intel will be under pressure.