Here is the back link to my prior Intel posts. In short, I think the shares are in a bear market. Wave 1 down completed in mid November 2012 with a bottom price of $19.20. Since then the shares have bounced in an a-b-c retracement forming wave 2. This peaked in June of this year at a peak price of about $26. With wave 2 complete I think Intel is now working on a 3rd wave down. Wave 1of3 bottomed around the 1st of Sept. Since then we have seen a-b-c into a price level of $24.80 which was right around the 61.8% fib retracement of big 1 down. With wave 2 complete I now expect a dramatic 3rd wave down. If that lower red support line breaks down, and I give this choppy pattern better than a 75% chance of doing just that, Intel shares will be teenagers before the end of the year.
Saturday, November 2, 2013
Intel update
Here is the back link to my prior Intel posts. In short, I think the shares are in a bear market. Wave 1 down completed in mid November 2012 with a bottom price of $19.20. Since then the shares have bounced in an a-b-c retracement forming wave 2. This peaked in June of this year at a peak price of about $26. With wave 2 complete I think Intel is now working on a 3rd wave down. Wave 1of3 bottomed around the 1st of Sept. Since then we have seen a-b-c into a price level of $24.80 which was right around the 61.8% fib retracement of big 1 down. With wave 2 complete I now expect a dramatic 3rd wave down. If that lower red support line breaks down, and I give this choppy pattern better than a 75% chance of doing just that, Intel shares will be teenagers before the end of the year.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment