Also incredible is that QCOM appears to have completed a nineteen year - Horizontal Triangle probably one of the largest examples ever.
Usually after a Horizontal Triangle there is a powerful thrust which can be measured by the widest part of triangle. The widest part of the QCOM triangle (100.00 - 11.61 = 88.39).
88.39 x .618 = 54.62 added to the termination point of the triangle at 49.10 targets QCOM 103.72 very close to the all-time high of 100.00.
Thank you for sharing this! I am new to EWT having only studied it for about 1 year. I hope you can help me interpret this as there is definitely a lot of money to be made (and TA is fun). I have a different count than you beginning after Wave B's end, which makes me unsure the triangle has completed. How do we know if the latest rally isn't an overshoot? Will Wave E always end at the apex of the barrier triangle? In the Prechter book it states, "...all triangles effect a net retracement of the preceding wave at Wave E's end." I don't know how to interpret that! The preceding wave within the triangle or within the impulse?
All the best,
I don't understand the chart you posted. Your chart has the QCOM symbol but this chart shows that QCOM is now trading above its high made in 2000. My chart has QCOM at 100.00 in 2000. Your chart has QCOM at about 76.00.
Please explain the chart you have posted, why is it different?
Is your QCOM chart in a currency other than US dollar?
Thanks for the clairification. The chart setting you are using is like a mutual fund chart that shows total performance - price plus cash dividends.
This distorts the true price value which is whats needed to use Technical Analysis. You need to know where prior support/restistance is for any stock or market.
Price charts are able to indentify where the crowd was buying/selling, by adding cash dividends its distorts support/resistance areas and makes any Technical Analysis method
Immedidiately change the chart setting on the Tradingview site to reflect only price activity.
To answer your question about Horizontal Triangles - lets assume the QCOM chart you have posted shows just price.
The wave count you have is invalid because wave "D" is higher than wave "B". Please see the Figure picture in chapter one of the "Elliott Wave Principle" it shows all eight types
of Horizontal Trinagles. The only type that has wave "D" higher than "B" is an Expanding Horizontal Triangle, which your count is not.
To make your count valid - wave "C" would be in early 2016. Wave "D'' at the end of 2016. Wave "E" is where you have wave "C".
Wave "E" completes the retracement of the prior Impluse wave.
Glad I could help.