Incoming 60% correction for Intel Corporation

On the above monthly chart price action has rallied 100% since March 2023. The rally follows the break of market structure in April 2022.

The recent 100% rally has printed a rising wedge. This is a bearish chart pattern. Price action prints a bearish engulfing candle at broken market structure.

Market structure resistance is also previous support that saw price action enjoy a 15 year uptrend. This is presented on the 3-month chart below.

Once a price action wedge breakout is confirmed a 60% correction to just under $20 shall print.

Is it possible price action continues to rise? Sure.
Is it probable? No.

Ww




3-month chart

Trade active:

It begins.

20% correction so far.

Monthly

Trade closed manually:

Excellent performance on the short sell to date. Price action is considerably oversold for the moment, time to collect profits.

The trade can be reentered once the market provides with another opportunity.