Cisco Systems, Inc., commonly known as Cisco (CSCO), is an American-based multinational digital communications technology conglomerate corporation headquartered in San Jose, California. Cisco develops, manufactures, and sells networking hardware, software, telecommunications equipment and other high-technology services and products. Cisco specializes in specific tech markets such as: the Internet of Things (IoT), domain security, videoconferencing, and energy management with leading products including Webex, OpenDNS, Jabber, Duo Security, and Jasper.
CSCO Daily Chart February 2023
At the end of 2021, Cisco finished an impulsive structure at 64.33 which we called wave (I). From this high, CSCO has been down nearly a year. We can see a zig zag 5-3-5 structure. The first bearish impulse ended at 40.81 as wave a. Wave b bounced and ended at 50.05. To complete the corrective structure, we had another push that fell to 38.73 to complete wave c and wave (II).
In October 2022, CSCO had a strong bullish reaction even breaking above 50.05. Therefore, this rupture of wave b makes us to think that the cycle that began at the high of 2021 ended as wave (II). Up from 38.73, we can see 5 waves which ended at 50.74 and we label it as wave ((1)). Here, we see 3 swings down which form wave (A) at 45.65. From this level, CSCO can continue the rally without any problem. However, market conditions should keep the stock lower, so we are calling a flat 3-3-5 correction. The flat correction should end wave ((2)) above 38.73 and continue the bullish move.
Source: https://elliottwave-forecast.com/stock-market/csco-ended-bearish-cycle-continue-rally/