[INTC] update

In the backlink I noted that the Intel chart was getting closer and closer to a head and shoulders breakdown.

Today's snapshot below only reinforced that view.  There are two technical support levels right ahead and these are the kinds of supports that it generally would take not just a 3rd wave but a 3rd of 3rd to break down.  Unfortunately for Intel shareholders, that is what my current wave count says could be happening soon.  The current trend could go as low as the green box or even as low as the neckline before bouncing but I think the current motive wave is almost done so I show it bouncing fairly soon before coming storming back down as shown.

The numbers crunchers like Mish have been telling us that we are already in a recession.  As soon as the federal reserve has to admit it, the world is going to act all surprised and the move out of stocks should be fast paced.  Nobody wants to get caught holding an empty bag and that is all that the stock market ever was and ever will be for most people: an empty bag full of false promises and something for nothing dreams.  The stock market which does not pay dividends is nothing but a con job and when retirees who were herded into it like sheeple finally figure out who the patsy was in this Vegas deal, man are they going to be pissed.  That kind of upset will be generational in nature.