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.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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