Someone I respect posted a bullish interpretation of Cisco Systems recently, so I decided to take a look at it. And I cannot confirm that. What I see on the daily is a rising wedge from the March lows, which has broken and is flagging. This looks near-term bearish to me.
On the weekly, I see a possible head and shoulders, also bearish.
And zooming way back out, I see an interesting pattern here. The spike ending in the 90s is a full 5-wave Elliott Wave impulsive structure. From that point, much like I believe gold is doing, it is creating a corrective flat. From a classical chart pattern perspective, the whole structure is a symmetrical triangle, but we can expect this to move down, breaking below.
This is no time to be bullish.
On the weekly, I see a possible head and shoulders, also bearish.
And zooming way back out, I see an interesting pattern here. The spike ending in the 90s is a full 5-wave Elliott Wave impulsive structure. From that point, much like I believe gold is doing, it is creating a corrective flat. From a classical chart pattern perspective, the whole structure is a symmetrical triangle, but we can expect this to move down, breaking below.
This is no time to be bullish.
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