Broadcom (AVGO)

Broadcom (AVGO) Update

Max Oen

— 1 min read
Broadcom (AVGO) Update
1 day

Broadcom has reached its local top.

After completing green wave 3, as anticipated in our previous analysis, Broadcom has now begun its corrective phase into green wave 4. We expect this correction to unfold in a classic three-wave structure (orange waves A, B, and C).

Broadcom has already initiated the first sell-off into orange wave A, which is still in progress and has not yet reached completion. We expect orange wave A to terminate within our first Fibonacci retracement zone, defined as follows:

  • 38.2% retracement: 308.72 USD
  • 50.0% retracement: 276.24 USD

Within this zone, we anticipate a short-term return of bullish momentum, forming orange wave B. Following this corrective rebound, Broadcom should enter the final and strongest leg of the correction, orange wave C, which will complete green wave 4.

The final sell-off is expected to reach our second Fibonacci retracement zone, which spans:

  • 38.2% retracement: 261.94 USD
  • 50.0% retracement: 214.90 USD
  • 61.8% retracement: 167.86 USD

From our perspective, both Fibonacci retracement zones represent high-probability buying or accumulation areas.

If Broadcom`s price action unfolds as expected, we anticipate the correction to conclude within the second retracement zone. From there, Broadcom should regain strong bullish momentum and begin a new impulsive phase into green wave 5, completing yellow wave 1 from a higher degree, ultimately leading to new all-time highs. Target projections for these upcoming impulse waves will be calculated and communicated once the correction has fully completed.

Should any structural changes occur, or if Broadcom reaches one of our anticipated buying zones, we will provide an immediate update.

Kind regards,
Monalytics

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