Qualcomm [QCOM] *very* close to a top.

There is nothing wrong with QCOM the company.  There is a lot wrong with the pumped up economy.  Even the shares of good companies will get hit hard.  After all, according to Prechter (and I believe him), "it's all one market".

My high level model of the shares show it to be in the final stages of a multi year dead cat bounce from the fall of dot bomb.  This is clearly a corrective wave.  In fact, it is C of B.  In other words, expect it to collapse into a lower low than the prior $12 low.  The 5 waves up into A are obvious.  We are now working on the 5th wave throw over of an ending diagonal.

 

Here is a more detailed view of just red 5 of the ending diagonal above.  It is so full of Elliotism that it kind of amazes me to see it.   After the ending diagonal that made up blue 3 we got a clear 4th wave triangle which then did a 3 wave move up to start a 5th wave ending diagonal.  Each of these waves is supposed to be a-b-c so although the 5th wave did a throw over and then fell back into the channel, it could be that this is only a of c of 5.  In other words, red 5 might get one more nice little pop up to perhaps $80-ish before tumbling back down through into the channel and then ultimately braking down below it again.  That is far from guaranteed but I have seen that kind of finish several times of late so it would not surprise me to see it on a Wall St. Darling like QCOM.  I would leave that money on the table after such a great run especially given the risk to the downside that could start tomorrow or next week (and then really become widespread before May).