Long Correction In Progress For QCOM

QCOM has been in either a flat combination or a running triangle correction since it topped in May 2006.  The May 2006 top ended an impulsive advance off of the August 2002 low.  The current correction could last another 1 to 3 years, after which another impulse of intermediate degree should follow to the cited targets.

If the correction turns out to be a triangle, it would almost guarantee that a retest of the 2002 lows would follow the coming impulse.  A triangle would probably give the least time to complete the correction.  Whereas, a flat combination could extend for longer with a smaller triangle or double zigzag for Y.

The more bullish outcome would be a 3 to 6 month correction that does not retrace more that 62% of the July to December rally followed by a breakout above the recent highs.  This could indicate that wave (C) up is already underway.  A nice cup and handle base would give an excellent entry in that case for a 3rd of a 3rd wave in (C).

Either way, it appears that there is no reason to chase after QCOM at the moment.