[INTC] update

In the backlink I continued to model Intel shares as heading into a likely H+S formation.  Today the shares were down in line with the DJIA and $COMPX, about 1.7%.  I think this was likely the bottom of red 1 or it might have been 3 of 1 (of 3).  Perhaps 4 of 1 of 3 and 5 of 1 of 3 need to play out and then 2 of 3 as well before we get the big 3 of 3 of 3 gap down below the neckline. 

But keep in mind that these breakdowns don't fool around very much; they tend to play out in compressed timeframes.  Without good momentum on increased volume the right shoulder will not break down.  Today's selling volume was slightly higher than normal - 35mn vs normal volume of 29mn.  But the odds say that this will change soon and that we will see a high volume 100mn share traded on the breakdown of the neckline.  That's when you will know that "buy the dip" is dead.