HPQ beginning of the end of downtrend
HPQ is in a long term down trend in the weekly chart. It is in an uptrend since Dec-03-2012.
Currently it is at the end of wave C uptrend. Last week, it touched the upper trend line of the channel.
I am expecting the price to go down in hourly chart next week and potentially make the last leg up to touch the long term 50% retracement at $33.09.
Or maybe the uptrend is over at $32.41. I like to see a momentum divergence in hourly chart for this to be true.
Currently it is at the end of wave C uptrend. Last week, it touched the upper trend line of the channel.
I am expecting the price to go down in hourly chart next week and potentially make the last leg up to touch the long term 50% retracement at $33.09.
Or maybe the uptrend is over at $32.41. I like to see a momentum divergence in hourly chart for this to be true.
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