[$COMPX] update [INTC]

In the backlink I noted that $COMPX was in a rising wedge but needed to reverse downward soon or the current model would bust and the wedge would extend.  It did end up extending but now it is starting to jam up mid channel on wave 5.  Both Avi and Prechter are looking for one more thrust higher.   I hate to disagree with these guys but my primary model is that wave 5 of 5 just finished mid channel and it led the the creation of owl ears.  We will know if I am right or wrong on this very soon but the first indication that I am correct will be a sudden break below the lower rail as shown.



One reason I think this is likely the case is the Intel chart.  Here is the backlink and below is the model from it.

 


Below is the current chart. It broke down both the top and lower rails of the rising wedge with gusto.  This is not bullish folks.  This is a run away screaming chart.  If Intel cannot quickly retake that lower rail and hold it then this quickly becomes a "go short" or "buy puts on the rally" chart.  If that neckline fails (and my current model expects it to fail), look out below.  Mish has the hard data that says recession.  Inventories are sky high and manufacturing output is falling across the board.  Intel will plummet in a declared recession.