$INTC TOP 20
Added 2024-04-28 18:31:46 +0000 UTC$INTC's earnings this week confirmed that it was struggling and missed on revenue. The market was not kind and the share price fell -10% while the other large Semi players managed to hold their structures and levels.
This was also a very large flush which is a common sign of capitulation which is usually found around leading to the bottom.....what is also interesting is that the price stopped exactly on the 0.78 Fib at $30.50 too.
Which makes things even more complex now for $INTC.
So I believe a relief bounce is coming but we may have also completed Wave C as shown.
The bounce will tell us more information but if we start moving in an impulse wave next, moving in 5 waves up, then $INTC's correction is now complete which will be the first Semi company to completes its correction.
A move up in 3 waves and rejecting at our Wave 4 level, then we can expect a lower low next.
This will likely take 2-3 months to complete so we will watch this each week.
$AMD will still be my preferred Semi company right now.
$INTC also has a FWD PE of 15 right now....making this fundamentally attractive right now.
