According to my wave count QCOM is in the late stage of a 4th wave correction. If the count is correct, it means that there is a 5th wave up missing. I would enter longs around 39.80. First target is 45.5, second target is 49.5. QCOM is reporting on 11/3 after the bell, if by then the stock is still at current levels it is a buy into earnings. On the contrary, if QCOM rises to 45.5 into earnings, I believe odds are higher that the stock will plunge after.
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