The usual then, March 7, 2013 and now charts;

Obviously our take on this stock was anything but perfect. It took a year longer and about $10 more than we expected. That is the Yellen effect. In the mean time the big picture, that of a large B wave, remains the best interpretation. Short-term it is near impossible to put a reasonable count on this stock but things will, no doubt, come into focus soon. The first target is at about $30, after that at $10.

QCOM has made a marginal new high which it should not have. But then again around the world events take place that no one would have thought remotely possible just a few years ago. We remain bearish. See previous blogs.

Right on the dot, this stock started falling (see previous blog). It is now down about 20% but nowhere near its first target of $30 or so, the base of the 5th wave wedge. We had a target of about $66 for a top. It got a few dollars above that but is already breaking down below the wedge boundary. As per the previous blog expect a first target at around $35 and probable lower after that.

Qcom also just made a new high at $62.74. This stock has taken about 10 years to repair most, but not all, of the damage caused by the tech wreck in 2000/2003 ( see also our blog on the Nasdaq, which, almost to the tick, has recently retraced 62% of that drop). In this case the picture is absolutely perfectly clear, wave A down, followed by an almost perfectly symmetrical a-b-c B-wave back up, not quite getting to the double-top level. The c leg in this B-wave is almost certainly a “diagonal”, read wedge. It has not yet reached the upper trendline, which would be around $66. This is also approximately where wave c is equal to a in both time and amplitude (vector). The entire structure is a 5-3-5 , a-b-c. No reliable alternative counts present themselves. The stock has a p/e around 24. We would sell here or fractionally higher.

The ultimate target would be below the lows in 2003 by about the same amount as the stock fails to double top.