• Cisco falling inside impulse wave (3)
• Likely to fall to 43.60
Cisco has been falling in the last few trading sessions after the price reversed down from the lower trendline of the recently broken daily up channel from March (acting as resistance after it was broken) – standing near the 61.8% Fibonacci correction of the previous impulse wave (1).
The downward reversal from the lower trendline of this up channel started the active medium-term impulse wave (3).
Cisco is likely to fall further toward the next support level 43.60 (low of the previous impulse wave (1)).
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