Incoming 60% correction for Intel CorporationOn the above monthly chart price action has rallied 100% since March 2023. The rally follows the break of market structure in April 2022.
The recent 100% rally has printed a rising wedge. This is a bearish chart pattern. Price action prints a bearish engulfing candle at broken market structure.
Market structure resistance is also previous support that saw price action enjoy a 15 year uptrend. This is presented on the 3-month chart below.
Once a price action wedge breakout is confirmed a 60% correction to just under $20 shall print.
Is it possible price action continues to rise? Sure.
Is it probable? No.
Ww
3-month chart