A member request came through for a quick look at the charts for Intel Corporation (INTC) & Target (TGT).

Let’s see what the charts look like from 2 different sectors of the market, the semiconductor industry and consumer goods.

Intel Corporation (INTC)

This is a 3 year weekly candlestick chart that I’ve marked up from an Elliott wave perspective. I’ve placed a Fibonacci Extension Tool on a completed Elliott wave 8 wave cycle to estimate the price level for the next 8 wave cycle. The next price level would be the Golden Ratio, or the 161.8% Target Line.

Analyzing Upside Price Targets for Intel Corporation’s (INTC) Breakout

Since the 1st 8 wave cycle took approximately 2 quarters to complete in its entirety, look for the new 8 wave cycle to reach the 161.8% Target Line in approximately the same time frame. That means in about another quarter and a half INTC’s share price should be sitting around the $65 price level.

Target (TGT)

This “quick look” is a 20 year monthly candlestick chart for Target (TGT). I’ve made a few notes on the chart.

Analyzing a Probable Continued Consolidation for Target’s (TGT) Share Price on a Long-Term 20 Year Monthly Chart

Based on the bearish items noted, I would wait for a probable re-test of the $60 price level in another 2 months or so. The $60 price level would be a 61.8% Retracement of the current uptrend. The 61.8% Retracement level is the most common retracement level.

I see it as very possible that a re-test of the $50 price level happens as well. S I would consider this to be a situation that needs monitoring as TGT’s share price approaches the $60 price level. At that time the selling volume and selling momentum to reach that price level can be analyzed and then determined if lower prices seem probable or not.