Qualcomm: Downward PressureQUALCOMM IncorporatedNASDAQ:QCOMHKCM_GlobalQualcomm has been trading sideways for a period before downward pressure began to build. While there was another brief move higher this week, the price has since turned lower again—moving in the direction we primarily expected. Since the last significant corrective top, we have placed QCOM in a downward impulse, which should continue step by step toward support at $120.86, furthering the long-term correction. Alternatively, QCOM could immediately resume its upward move, temporarily break through resistance at $196.10, and form a corrective top above that level before experiencing sharp sell-offs in this scenario (probability: 33%).