Broadcom - 290$ or 190$ ?
When AVGO shot up after the last earnings it looked a lot like too much of AI hype to me.
Drawing this channel explains the move quite well. With the June high and lows in September and November this channel was established and price took off right to the upper limit.
Since then it has corrected by about 20% but this could fit quite well in a 5-wave move to the upside targeting the 290$ area.
Alternatively price could fall to the 190$ region and invalidate the elliott wave. Depends a lot on market conditions and if we can see another NDX ATH.
Drawing this channel explains the move quite well. With the June high and lows in September and November this channel was established and price took off right to the upper limit.
Since then it has corrected by about 20% but this could fit quite well in a 5-wave move to the upside targeting the 290$ area.
Alternatively price could fall to the 190$ region and invalidate the elliott wave. Depends a lot on market conditions and if we can see another NDX ATH.
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