Replies to post #16201 on Qualcomm Inc (QCOM)

[biocomm]

EDIT:
After looking at his chart... It seems his call is for a pretty small timeframe, so he is expecting the move this week I guess. It lines up with my call too.

My chart is a bit longer, but I expect a sharp move Monday or Tuesday. The move will be about 7 in range and occur fairly quickly (2weeks or less). Up or down is where it could head ([Up]Fall out of the wedge or [Down] wedge breakout). I placed a bet and expect up. The lower short-term trendline (base of the wedge) matches (within a degree or so) the long term up trend line. I doubt it will be broken, but anything can happen. This combined with the declining volume on the down days recently and combined with my mid-term bullish forecast ont he broader market leads me to my conclusion.

If you see my other earlier post you can see that the low of that day was within 2 cents of my trendline, I guess I need to draw a slightly thicker line! The stock is sitting a hair above that trendline and a hair below the upper part of the wedge. So a slow grind up on that lower trendline is unlikely since the wedge ends in a couple of days. Not sure if this was at all understandable for you, but you can see here: https://www.stockcharts.com/education/ChartAnalysis/flagPennant.html

I see a pennant where the current price is also very close to a long term uptrend line. Should resolve this week and I hope up!

EDIT: I looked at my prior post and noticed I had keyed a typo as 47.6 when it should have said 46.6 originally. Still expecting move up and within this week.