QCOM june 2012

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.