Augie, I can agree with your wave assignment for Intel. But every time I look at it I see it differently, so I am not real confident of how to label the waves.
You really have to look at the weekly chart to see that Intel was in a big ABC correction from August 2000 through at least last September. October and November may have created a Wave 1 up and December has been a wave 2 down. It looks like we may be starting wave 3 up in this scenario.
OTOH, a case could be made that we have not finished the big C wave down and therefore it has a lot more downside to go. So we have to keep these two scenarios in mind.
WRT your chart, the channel often does not include the beginning of wave 1. So, you can't draw it reliably until wave 3 is completed to get your bottom line and then make a parallel from the end of wave 2 for the top.
I would not buy Intel at this time, but I am confident enough to short it.
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