26 Apr 2021 ● 06:47 AM
Broadcome Inc - [AVGO - NASDAQ], has its recent highs and lows inside a channel. The next move then is from the lower end of the channel to the top end. The recent consolidation is a flat correction, marked as A-B-C for a wave structure of 3-3-5 waves in EW. The correction could be complete at 449$. Wave 5's length depends on the Elliott wave marking for the entire trend. If wave 3 is shorter than 1 then we cannot go too far and the top end of the channel is near 570. But if the next move up is 3 of 3 as an alternate then wave 1 of 3 was 43% long and an equally large move would go to 640. The only way we will know is by watching the 5 waves up develop inside the next rally.