$INTC TOP 20
Added 2023-04-02 22:11:10 +0000 UTCIs the one chart that has been showing mixed signals.
Firstly, as $AMD and $NVDA went on monster moves, this was declining, it held at the previous low and then decided to come to the Semi party, as people believed that $NVDA and $AMD were looking stressed, they turned their attention to other Semi companies which had not taken off....and $INTC has benefited from that greatly.....the issue now is that it has almost gone parabolic since its test of the low. This is not structured....so my experience is telling me that this is not an impulse wave yet and this will need to pull back, RSI is in the overbought territory too, so it is unlikely to be the start of a bull run!
Also, lets look at the bigger picture. Wave A and Wave B are clear and then we are looking for 5 waves down for Wave C...Subwaves 1, 2,3 are clear so it is likely that we are in Wave 4 here....very similar to $NIO too.
So What Now?
The pull back will tell us everything we need to know, I do not buy stocks that go parabolic, I buy stocks that are structured and I am very disciplined on this as experience has taught me that the risks of this being a corrective wave after going parabolic is far greater than being an impulse wave, so I'll wait for a pull back, if this pull back doesn't come, that is not a problem, I haven't been caught out and I haven't lost money either, I have just missed an opportunity and I move on to the next one.
I chart so many companies that I can see opportunities every day, if the set up isn't there, we do not force it and chase. We simply move on.
