Qualcomm Incorporated continues showing strong long-term momentum after reclaiming major highs following what appears to have been a completed Wave 2 correction, setting the stage for a potentially powerful Wave 3 advance.

Currently trading around 235, QCOM has already broken decisively above its prior Wave 1 peak near 195, an important technical development in Elliott Wave analysis because it confirms buyers have regained control following the earlier correction phase.

The broader bullish structure began with a massive Wave 1 rally from approximately 45 up to 195.

That move established the primary uptrend before Qualcomm entered a significant corrective decline. The Wave 2 retracement carried the stock from 195 down to roughly 101, creating substantial fear and uncertainty during the correction.

At the time, many traders likely assumed the prior rally had completely failed.

But second waves are often designed to create exactly that emotional reaction. In Elliott Wave theory, Wave 2 corrections frequently retrace deeply, shake out momentum traders, and convince market participants that the broader bull trend has ended — just before the strongest phase of the cycle begins.

That appears increasingly consistent with QCOM’s current structure.

Once the stock stabilized near 101, momentum gradually began rebuilding. Buyers stepped back in, prior resistance levels started failing, and the stock eventually reclaimed the key 195 breakout zone. That breakout was extremely important technically because it strongly increased the probability that a larger Wave 3 structure was unfolding.

Now with QCOM trading around 235, traders are beginning to focus on the next major Fibonacci extension targets.

Using standard Elliott Wave projections, the primary 1.618 Wave 3 extension points toward approximately 343.7.

343.7

If momentum fully accelerates into a larger extended Wave 3 structure, the more aggressive 2.618 extension target expands toward approximately 493.7.

493.7

Those upside projections may initially appear aggressive, but historically, third waves are specifically known for generating moves far larger than most traders expect early in the trend. Once Wave 3 momentum develops fully, institutional participation, expanding optimism, and broad market momentum often combine to create sustained advances.

Qualcomm’s positioning within several major technology growth themes also strengthens the bullish case.

The company remains heavily tied to next-generation wireless infrastructure, AI-enabled mobile processing, semiconductor demand growth, edge computing, automotive technology, and broader digital connectivity expansion. As global technology ecosystems continue evolving, semiconductor leaders tied directly to advanced computing and communications infrastructure may continue attracting substantial institutional capital.

That broader backdrop helps support the current technical structure.

Another bullish factor is the stock’s resilience following its correction phase. Instead of remaining trapped beneath prior highs after the decline to 101, QCOM reclaimed momentum steadily and ultimately broke above the old 195 peak. That type of recovery behavior often reflects accumulation rather than temporary speculative bouncing.

Momentum characteristics also continue improving.

Breakouts are sustaining more effectively. Pullbacks are becoming shallower. Buyers are stepping in more aggressively during weakness. Those are classic features commonly associated with developing impulsive trends rather than fading countertrend rallies.

Psychology also plays a major role during Wave 3 environments.

During the decline from 195 to 101, bearish sentiment likely dominated expectations. But once stocks reclaim prior highs and continue trending upward, skepticism gradually transforms into performance chasing as underinvested traders attempt to re-enter the move before it accelerates further.

That process can significantly amplify momentum.

Short sellers become trapped. Institutional managers chase sector leadership. Retail participation expands as bullish headlines and momentum metrics improve. Those combined forces frequently produce the strongest portion of the Elliott Wave cycle.

The 343 region now becomes the next major technical battleground for QCOM.

If the stock can continue building momentum and approach that target while maintaining constructive price action, traders may begin shifting attention toward the larger 493 extension projection.

Historically, semiconductor leaders have repeatedly produced extended Wave 3 advances during major technology transformation cycles, and current AI, connectivity, and infrastructure demand themes could potentially support a similar environment again.

Of course, volatility should still be expected along the way. Even strong growth stocks experience corrections, consolidations, and profit-taking phases during larger bull trends. But structurally, QCOM currently continues showing more evidence of trend continuation than exhaustion.

The stock already survived a deep Wave 2 correction. It reclaimed prior highs decisively. Momentum remains constructive. And the broader Elliott Wave framework still points materially higher if the current bullish structure continues unfolding.

For now, traders are closely watching whether Qualcomm can continue extending higher toward the 343 target and potentially much further if a full-scale Wave 3 acceleration develops over the coming months.