Replies to post #16217 on Qualcomm Inc (QCOM)

[biocomm]

Not out of the woods yet.

Thank you for the post. I just redrew my lines, I'd post them here like the nlightn, but I don't know how.

So, I redrew my lines and I have two concerns. I still think the move is to the upside, but two flags stuck out to me.

The First Flag
The move today didn't have much volume. It was an increase, but not well above the exponential moving average of volume for the past 60 days. Maybe that can come tomorrow. Even in nlightn's chart post, you can see not all that high volume.

The Second Flag
The move did pierce the upper edge of the wedge for day-high, but the closing price is sitting about one pixel above the wedge. It doesn't give a healthy room to backtest the upper line of the wedge. I'm hoping for continuation up tomorrow to give that margin of room to backtest on a negative day.

Conclusion
There's actually about 4-5 days of trading left inside of that wedge, but that would restrict the day's range to around 1 dollar tomorrow, 0.80 Wednesday, 0.60...
I am looking for a touch inside the wedge in that crazy first 30 minutes and a move up from there. What will happen, who knows? We will know in about 6 hours!!!