Broadcom (AVGO) favors bullish sequence towards $273

Elliott Wave Forecast Team ElliottWave-Forecast.com

Broadcom Inc., (AVGO) designs, develops & supplies various semiconductor devices with focus on complex digital & mixed signal complementary metal oxide semiconductor. The company operates in two segments, Semiconductor Solutions & Infrastructure Software. It is based in Palo Alto, CA, comes under Technology Sector & trades as “AVGO” ticker at Nasdaq.

AVGO is trading at all time high in weekly sequence. It favors upside in ((3)) of I within impulse sequence started from August-2024 low. It expects to extend rally started from 27, November-2024 low towards $273 or higher levels before larger pullback may start.

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 (3) of ((3)) & expect to remain supported in 3, 7 or 11 swings pullback to resume higher. It placed ((1)) as diagonal at $186.42 high & ((2)) at $157.54 low on 27, November-2024 low. Above there, it placed (1) at $180.68 high & (2) at $169.73 low. It favors upside in (3) of ((3)) towards $251 – $273.15 area before pullback starts in (4) followed by final push higher in (5) to finish ((3)). It should rally towards $273 – $309 area to finish I of (III) sequence started from August-2024 low. We like to buy the pullback in 3, 7 or 11 swings at extreme areas, when reached.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold buyers hesitate amid holiday-thinned trading

Gold trades volatile, but within range, as US, China holidays-led thin trading exaggerates moves. The US Dollar extends range play into the US GDP week, with markets pricing at least two Fed rate cuts this year. Technically, Gold tests key support at $5,000; daily RSI still remains bullish.

Top Crypto Losers: Dogecoin, Zcash, Bonk – Meme and Privacy coins under pressure

Meme coins such as Dogecoin and Bonk, alongside the privacy coin Zcash (ZEC), are leading the broader market losses over the last 24 hours. DOGE, ZEC, and BONK ended their three consecutive days of recovery with a sudden decline on Sunday, as crucial resistance levels capped the gains. Technically, the altcoins show downside risk, starting the week under pressure.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.