Broadcom Inc., (AVGO) designs, develops & supplies various semiconductor devices with focus on complex digital & mixed signal metal oxide semiconductor. The company operates in Semiconductor Solutions & Infrastructure Software. It comes under Technology Sector & trades as “AVGO” ticker at Nasdaq.
AVGO reacted higher from the extreme areas after correction ended at $196.23 low. It should continue higher in ((5)) towards $264.97 – $286.23 area to finish I impulse sequence.
AVGO – Elliott Wave Latest Daily View:
In Weekly, it placed ((I)) at $67.78 high in December-2021 & ((II)) at $41.51 low in October-2022 low. Above there, it placed (I) of ((III)) at $185.16 high in June-2024. Within (I), it placed I at $92.32 high, II at $79.51 low, III at $143.82 high, IV at $119.76 low & finally V as (I) at $185.16 high. It placed (II) correction at $128.50 low in August-2024 low as 0.382 Fibonacci retracement.
Above $128.50 low, it favors upside in I of (III) as impulse sequence. It placed ((1)) of I at $186.42 high as diagonal, ((2)) at $157.54 low & ((3)) at $251.88 high. It placed ((4)) at $196.23 low in extreme areas as zigzag correction. Within ((4)), it placed (A) at $217.58 low, (B) at $249.59 & (C) at $196.23 low. Above there, it favors upside in (1) & expect small upside before correcting in (2). It expects ((5)) to extend towards $264.97 – $286.23 area to finish I from August-2024 low. Buyers from extreme areas already having risk free long position. As long as it stays above $128.50 low, we like to buy the pullback in 3, 7 or 11 swings at extreme areas, when reach.
Source: https://elliottwave-forecast.com/stock-market/broadcom-avgo-favors-rally-towards-275/