Many might believe that $INTC has not been moving with $AMD or $NVDA but we can see that they moved ahead of the sector and got a very aggressive move from November until the end of the year in their Wave 3, so although it did not move as aggressive last week, it needed to blow off some steam for a Wave 4 pull back.
I am watching to see if this Wave 4 is complete now after finishing the week strong, as long as the price stays below the Second Target at $50, it can still pull back to our Wave 4 level. Earnings will be on Thursday, so a strong beat and this is into Wave 5 I believe.
Verbeek
2024-01-22 09:59:42 +0000 UTC