Intel - at support but could go significantly lower
Intel is still trading within a falling channel in what could potentially be a 5-wave move.
Price is still above the major horizontal support established since August, but it would not surprise me if we see another move to the downside to complete wave 5.
This would have to be shorter than wave 3, because 3 is already shorter than 1 and 3 cannot be the shortest wave.
If we connect the bottoms of 2002 and 2008 with a trend line, this would fit as the bottom at around 9$. This could be reached if the market starts to correct significantly.
We may already be in that correction, only time will tell.
Price is still above the major horizontal support established since August, but it would not surprise me if we see another move to the downside to complete wave 5.
This would have to be shorter than wave 3, because 3 is already shorter than 1 and 3 cannot be the shortest wave.
If we connect the bottoms of 2002 and 2008 with a trend line, this would fit as the bottom at around 9$. This could be reached if the market starts to correct significantly.
We may already be in that correction, only time will tell.
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