Wednesday, 8 August 2012

INTEL CORP -USA (INTC) DAILY CHART ELLIOT WAVE ANALYSIS AUGUST 08 2012


The chart of Intel (INTC) is starting to look interesting as prices are beginning to reverse the pattern of lower lows for the last several months. INTC may be starting to begin a sharp third wave movement(confirmation will come above 27.5) which can then bring higher levels of 29.5/31 in the coming weeks. A move below 24.5 will cancel this bullish view. The positive divergence on the MACD charts are indicating that the bears have been covering their positions at lower levels.

Charts are courtesy stockcharts.com



















Mohan Raghav
CEO, Financial Markets Algorithms
Web: www.financialmarketsalgorithms.com
blog: fmatechnicals.blogspot.com/
Twitter: camohanraghav
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours

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