Cisco: Poised for Final Push Higher

Cisco shares recently established the low of turquoise wave 4 and have since gained fresh upward momentum. Although the stock has since entered a sideways trading phase, we still anticipate a renewed push higher in the near term to complete the final stage of beige wave b in an impulsive move. Only after this move do we expect selling pressure to increase again. That said, it’s possible the high of beige wave alt.b has already been reached. This scenario would be confirmed by a decisive drop below the $52 support level (probability: 35%).