AVGO is a top position of mine. I was concerned that a close below 1200 would signal a near term reversal, as this would follow the pattern of the sentiment cycle. Wicking down to that level and continuing higher in advance of earnings is a strong sign for continuation.Continuing further makes this seem more like wave 3 of 5, which could peak in one of the confluence zones overhead (1430-1475, or 1540-1595). If so, a wave 4 could bring us back to 1270-1400 prior to a push higher.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.