Intel Wave Analysis – 9 December, 2021

• Intel falling inside impulse wave 3

• Likely to reach support level 48.00

Intel continues to fall inside the impulse wave 3, which started earlier from the resistance zone lying between the key resistance level 55.00 (which has been reversing the price from September) – intersecting with the daily down channel rom April and the 38.2% Fibonacci correction of the downward impulse from April.

The downward reversal from this resistance zone started the active short-term impulse wave 3.

Given the prevailing downtrend – Intel can be expected to fall further toward the next support level 48.00 (which stopped the previous waves 1 and (b)).