Broadcom Inc. (AVGO) – Should DUMP Soon
Hi Traders! 👋
Let’s take a closer look at Broadcom Inc. (NASDAQ: AVGO) on the 15-minute timeframe.
The chart showcases a compelling Elliott Wave structure, coupled with key Fibonacci retracement and extension levels to guide potential trade opportunities.
Elliott Wave Analysis:
- Wave (1)-(5): A completed impulsive structure followed by a corrective ABC wave pattern.
- Wave B Resistance Zone: Price is currently consolidating near a significant resistance level, setting up for a potential reversal into wave C.
Key Fibonacci Levels:
Wave B Resistance:
- 1.236–1.618 Extensions: $246.61–$248.46 (key reversal area).
- Stop-Loss: Above $246.98 to invalidate the bearish setup.
Wave C Target:
- 1.0 Extension of Wave A: $234.02 – expected target for the next leg lower.
Potential Scenarios:
- Bearish Reversal: A rejection at $246.61–$248.46 aligns with the start of wave C, targeting $234.02.
- Bullish Invalidation: A sustained break above $248.46 could lead to further bullish momentum.
Trade Idea:
- Entry: Around $246–$247 after confirmation of rejection.
- Stop-Loss: Above $248.46 for risk management.
- Take-Profit: $234.02, offering a favorable risk/reward ratio.
Market Context: Broadcom’s recent price action reflects heightened volatility, providing opportunities for short-term traders.
This setup combines Elliott Wave precision and Fibonacci retracements for structured trade planning. Always trade with a proper risk strategy. 🚀
Let me know if you'd like additional insights or adjustments! Happy trading! 📈
Let’s take a closer look at Broadcom Inc. (NASDAQ: AVGO) on the 15-minute timeframe.
The chart showcases a compelling Elliott Wave structure, coupled with key Fibonacci retracement and extension levels to guide potential trade opportunities.
Elliott Wave Analysis:
- Wave (1)-(5): A completed impulsive structure followed by a corrective ABC wave pattern.
- Wave B Resistance Zone: Price is currently consolidating near a significant resistance level, setting up for a potential reversal into wave C.
Key Fibonacci Levels:
Wave B Resistance:
- 1.236–1.618 Extensions: $246.61–$248.46 (key reversal area).
- Stop-Loss: Above $246.98 to invalidate the bearish setup.
Wave C Target:
- 1.0 Extension of Wave A: $234.02 – expected target for the next leg lower.
Potential Scenarios:
- Bearish Reversal: A rejection at $246.61–$248.46 aligns with the start of wave C, targeting $234.02.
- Bullish Invalidation: A sustained break above $248.46 could lead to further bullish momentum.
Trade Idea:
- Entry: Around $246–$247 after confirmation of rejection.
- Stop-Loss: Above $248.46 for risk management.
- Take-Profit: $234.02, offering a favorable risk/reward ratio.
Market Context: Broadcom’s recent price action reflects heightened volatility, providing opportunities for short-term traders.
This setup combines Elliott Wave precision and Fibonacci retracements for structured trade planning. Always trade with a proper risk strategy. 🚀
Let me know if you'd like additional insights or adjustments! Happy trading! 📈
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