Cisco (CSCO) Pullback is not Over Further Downside To Come
Cisco (CSCO) Pullback is not Over Further Downside To Come
March 13, 2024 By EWFLuis
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.
CSCO Daily Chart October 2023
Last October, we talked about an alternative view on CSCO. That was wave (II) has not finished and it could do a double correction. After 3 waves higher we cannot rule out a double correction until we see a clear impulse higher. In June, we suggested that CSCO shares price should continue to rise to the $57.66 – $60.52 area. Thus, the price should be rejected from this zone opening the possibility of a double correction that sends the price below $38.73. The market ends a new high at $58.19 in the area and the market was rejected. Actually, the path still could not break above $58.19 and it is more like to expect more downside. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).
CSCO Daily Chart March 2024
CSCO Daily Chart March 2024
In the chart above, we can see a double correction structure formed from wave X. Down from 58.19 high, CSCO dropped in 3 swing ending wave (W) at 50.95. Wave (X) pullback did a small bounce at 53.50 high and continue lower. The movement was strong finishing at 44.70 to complete wave (Y) structure and also Wave ((W)) in higher degree. Currently, CSCO is building wave ((X)) connector. Up from 44.70 low, market did 3 swings higher to end wave (W) at 52.86 and pullback as wave (X) ended at 46.90 low and resumed higher. Market is trading in wave (Y) and we should see 3 swings higher above 52.86 to end wave (Y) and ((X)) correction before turning lower in wave ((Y)).
CSCO Alternative Daily Chart March 2024
CSCO Alternative Daily Chart March 2024
The difference of this alternative chart with the main view, it is just wave ((X)) is completed at 52.62 high. While price action stays below this level, we are looking further downside double correction structure.
Elliott Wave Forecast
www.elliottwave-forecast.com updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a 24 hours chat room where we will help you with any questions about the market.
Source:https://elliottwave-forecast.com/stock-market/cisco-csco-downside-come/
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
