[INTC] update

The Intel wave 2 bounce has come up a bit higher than anticipated in the backlink but I am not upbeat on the stock at all.  In fact, I will be buying more puts of the 2017 variety early next week.  Below is the prior model.  Notice the wave count - the peak of Feb 15 was counted as wave 4.  Notice the fib calculator which shows that the 61.8 fib is at $34.60.  By all rights I should have picked the 61.8 fib from the start simply because it corresponds with the level of the prior 4th.



Below is the current snapshot (2015-05-29).  The recent peak was at $34.75, just pennies above the 61.8 fib.  Maybe it will go up and fill the gap shown by the green box and that would be more bullish for Intel shares than if it halts right here and begins to plunge because it could easily turn into a head and shoulders breakdown as shown.

If you are in Intel shares right now and if I were in the business of giving free investment advice, I would strongly advise you to dump these shares ASAP.  Of course, I could turn out to be wrong about this but I gotta tell you, the force is not with the longs on this one.  The odds highly favor the shorts at this juncture and when you are gambling the only thing you can and should be doing is playing the odds.