Incoming 60% correction for Intel Corporation

On 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

Trade ativo:

It begins.

20% correction so far.

Monthly

Trade fechado manualmente:

Excellent performance on the short sell to date. Price action is considerably oversold for the moment, time to collect profits.

The trade can be reentered once the market provides with another opportunity.

Trade ativo:

Following a brief pause in price action the short position is now open again for the final leg down to $20 and below as originally forecast. Why?

It is highly likely a 2 day death cross will print around July 12-15th.

A 2-day death cross is defined as:

1) The 2-day/50-day SMA (blue line) crossing down the 2-day/200-day (red line)

AND

2) Price action under the 2-day/200-day SMA
So far, just no. 2

A dramatic upward move in price action is required to prevent the death cross from printing.

Assuming that does not happen, what can future price action expect leading up to the death cross?

Look left at previous death crosses, nothing good occurs with price action leading up to the event.

Ww

2-day chart