Cisco Wave Analysis 24 May 2024

– Cisco broke support level 46.70

– Likely to fall to support level 46.00

Cisco previously broke below the support level 46.70, which stopped the previous minor impulse wave I at the start of this month.

The breakout of the support level 46.70 should accelerate the active impulse waves 3 and (C).

Given the clear daily downtrend, Cisco can be expected to fall further to the next support level 46.00, target price for the completion of the active impulse wave 3.