Broadcom (AVGO): Set for a New High or Due for a Pullback?

Since the COVID-19 low in March 2020 at $155, Broadcom has seen an incredible surge, similar to Nvidia's performance. The stock has skyrocketed by an astounding 840% since that low. This massive run-up makes the analysis challenging, but we've identified the Wave (1) and Wave (2) structures of this upward movement.

The internal wave structure is not clear, making it difficult to analyze further. Broadcom has had only one sideways range between $780 and $922. Otherwise, the stock has been moving parabolically upwards.

A significant trendline, initially touched at Wave (1), has been broken five or six times, with the seventh touch holding as support. Given the upcoming earnings report, we believe Broadcom could rise to the $1,600 to $1,800 range, with a maximum potential target of $2,300 or higher.
Realistically and statistically, we anticipate a pullback for Wave (3) between the 227.2% and 261.8% levels. However, it's also possible that Broadcom continues its upward trajectory without interruption, similar to Nvidia.

Today's earnings report will be crucial in determining the next move for Broadcom. We will be watching closely to see if the stock continues its parabolic rise or if we get the pullback.