Intel: Reversal Pattern Confirmed!

• A Major Reversal Head and Shoulders pattern completed on Intel.
  
• The price has taken the neckline for the pattern at 29.00-29.50 level.
  
• The Measured move or Ideal text book target is the distance from the head to the neckline, projected from the breakout below the neckline. And that points to another 29% decline. However, I see an appropriate first target at the main long term rising trend line shown on chart. A more aggressive target near the long term major support around 19.30.
  

Perfect entry area is on a retest of the broken neckline around 29.00. The trickiest part of the setup is stop placing, for me, I always like the stop to be above the right shoulder. However, in this case it will be a wide stop and hence decrease the risk-reward. Alternatively, a weekly closing above 32.60 will be my stop. Another option is to exit on a breakout above the falling trend line that connects the head and the right shoulder(shown on chart)

My best regards
Technician
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