Qualcomm Inc Com (QCOM)


QCOM - Weekly Chart - Logarithmic Scale
On the weekly time frame, we have a divergence on price against MACD and RSI.
There is a break below the up trend line at May 2012.

QCOM - Daily Chart - Logarithmic Scale
On the daily time frame, we still in up trend, but there is a possible divergence on progress.
At this chart, I make several assumption about the price movement.
  1. At May 2012,  price break the up trend line and lead a price retracement.
  2. Price retracement might fold in ABC pattern
  3. Bearish move from March - July 2012 might the A wave.
  4. Bullish move from July 2012 until today and still on progress might be the B wave.
  5. I expect to trade the C wave.
QCOM - Trade Setup - Daily Chart - Logarithmic Scale

I expect the price break below the lower channel (red line).
I will manage my risk - reward to enter this bearish trade plan on a retracement after the price break below the red line.

My assumption on the C wave will be wrong if the B wave (bullish move, from July 2012 till today and still on progress) break upper green resistance level.

A break on the upper green resistance level will cancel my bearish C wave trade plan.
Location: Surabaya, Indonesia

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