There is nothing wrong with QCOM the company. There is a lot wrong with the pumped up economy. Even the shares of good companies will get hit hard. After all, according to Prechter (and I believe him), "it's all one market".
My high level model of the shares show it to be in the final stages of a multi year dead cat bounce from the fall of dot bomb. This is clearly a corrective wave. In fact, it is C of
B. In other words, expect it to collapse into a lower low than the prior $12 low. The 5 waves up into A are obvious. We are now working on the 5th wave throw over of an ending diagonal.
Here is a more detailed view of just red 5 of the ending diagonal above. It is so full of Elliotism that it kind of amazes me to see it. After the ending diagonal that made up blue 3 we got a clear 4th wave triangle which then did a 3 wave move up to start a 5th wave ending diagonal. Each of these waves is supposed to be a-b-c so although the 5th wave did a throw over and then fell back into the channel, it could be that this is only a of c of
5. In other words, red 5 might get one more nice little pop up to perhaps $80-ish before tumbling back down through into the channel and then ultimately braking down below it again. That is far from guaranteed but I have seen that kind of finish several times of late so it would not surprise me to see it on a Wall St. Darling like QCOM. I would leave that money on the table after such a great run especially given the risk to the downside that could start tomorrow or next week (and then really become widespread before May).
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