Cisco Systems CSCO is Showing Weakness to Build a Triple
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 March 2024
CSCO Alternative 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. The market rallied and CSCO built wave ((X)) connector. Up from 44.70 low, market did 3 swings higher to end wave ((X)) at 52.86. From here, we expected to resume to the downside to develop a double correction structure as wave ((Y)). (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).
CSCO Daily Chart August 2024
CSCO Daily Chart August 2024
The chart above, it is showing the last daily update of CSCO. Currently, it is near to complete the double correction as wave ((Y)) that we were looking for. Down from wave ((X)) peak, we can see 3 swings lower ending wave (W) at 46.60 low. The market bounced sharply completing wave (X) at 50.11 high. Then, CSCO built 3 swings more to the downside and we expect to end wave (Y) below 44.64 low and also ((Y)). This correction is not enough to complete a wave y in red because the correction should break wave w that ended at 38.60 low. Therefore, we are calling another connector higher as wave ((X))((X)) to build a triple correction to break 38.60 low. Once wave ((X))((X)) is completed, CSCO should continue lower in a new double correction (W), (X), (Y) to develop wave ((Z)) and then resuming to the upside.
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Source:-forecast.com/stock-market/csco-weakness-triple-correction/
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