We are confident that Broadcom has established a major top and is now entering a significant cyclical correction. Yellow wave 1 marks the major high, and the stock is expected to transition into a long-term corrective phase, forming yellow wave 2 — before ultimately expanding with exceptional bullish momentum into yellow wave 3.
The long-term outlook remains clear and compelling. For the corrective phase, we have defined a Fibonacci retracement zone which marks the area where we expect Broadcom to conclude its long-term correction and lay the foundation for its next major move.
This Fibonacci retracement zone therefore represents a significant long-term opportunity to buy and accumulate this stock.
Long Entry Levels:
- 50% at $248.22
- 61.8% at $189.97
- 78.6% at $107.05
Stop Loss: 1% below the zone at $105.81
Once the market breaks below the local support at $289.96, we are confident this zone will hold and represent prime buying opportunities for this stock.
Should anything happen with this stock, we will update you immediately.
Kind regards,
Monalytics
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