INTCPre market consolidation in supply and failing to get above 62.85 = good recipe for rejection. As mentioned in my prior post for this one, suggested this could be a good entry for a short position!
With a rejection at that level, I think INTC just made it harder for itself to invalidate my bear count. Now we saw it rejected supply and faded right down to demand. If it holds here in this demand zone, think it will pop out and push to 61 - 61.65. Those will be big interest levels as if those get rejected, helps support wave count down, suggesting we would be putting in wave “b” up of the larger degree “(a)” wave down.
Alternative is for price to extend the retrace and try to form a micro 5 wave impulse up out of this demand level. But again, I think for that to happen we would see price up to 61 area followed by retrace back to demand (for waves 1-2).
So thinking either b up of “a” down OR will watch for wave 1-2 to form.
*** I did not enter a position today for this one. I was too caught up with some other projections I was watching but now wish I would have focused more here today. If someone did take this set up today, hope it worked well for you!
