Intel has set a local top at $142.35 and has started a corrective phase to correct the entire fractal for green wave 1. However, this correction has already completed its first leg and is expected to flow into a short-term recovery phase.
For this recovery, we have set a Fibonacci retracement zone (in red), where this recovery will come to an end and form orange wave b. This zone represents a short-selling opportunity.
Short entry levels:
- 50% at $112.01
- 61.8% at $119.16
- 78.6% at $129.33
From there on, we expect the market to drop and reach our long-term Fibonacci retracement zone (in green). This zone represents a prime buying opportunity in the long term, at very cheap prices for this stock.
Long entry levels:
- 50% at $80.59
- 61.8% at $66.05
- 78.6% at $45.35
Within this zone, the whole correction should come to an end, and Intel should regain new bullish momentum to follow a long-term sustainable uptrend.
If anything happens with this stock, we will update you immediately.
Kind regards,
Monalytics
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