Intelligeddon update, part deux

Here is the backlink to the recent series of posts I've been making on the Intel chart.  If you go there you will find a backlink to the original post.  If you have not been following these posts I suggest you go to the original post and work your way through.  The chart models that I documented have, so far, have been pretty accurate.  It's time consuming for me to copy charts from prior posts into current ones so it's on you to do the chart to chart comparisons if you want to.

Below is the latest INTC chart along with my updated model.  This shows one small change from before.  Whereas I previously modeled 3 of 1 to go down to about $20.75, I think 3 of 1 was likely the test of the long term support line which could not break down through it.  Thus, the bounce since then and the subsequent retest of support which again seems to have held looks to me to be a failed 5th.  So I think all 5 waves of the 1st wave down have completed.  That means we should get a rally in the shares.  If they only rally to the 38.2% fib retracement it would result in red 2 below.  If that happens, the chart would be perfectly set up for a 3rd wave to smash down through support with gusto that will bring out the sellers en masse. 

Of course, the shares could just break down right here but I don't think they will.  I don't think this late stage of a 1st wave has the herding power to break down the current uptrend.  I think sellers are getting tired.  It will require a 3rd wave to break that trend line IMO.  Time will tell, of course.  The shorter the time frame, the more difficult the herd's movements are to predict.  Said differently, the predictions are just as easy but the accuracy of them goes down in superlinear proportion to the timeframe to which they apply.

I find it interesting to note that back in 2007-early 2009, the head and shoulders breakdown used to be very common.  It was the kiss of death.  Now I am seeing few head and shoulders formations while declining double tops such as shown above for Intel are currently the most common indicator of emminent breakdown.   The herd keeps changing its patterns slightly each time the crocodiles catch on.