SUMMARY
Cisco (CSCO) ran up the impulse tree as if a lion was chasing it!! The whole move was nearly vertical! The initial downturn of the correction was massive as result of the dot.com bubble fallout. Since then, it has risen incrementally in a very sideways and overlapping manner. When price moves are overlapping, it's an indication of a corrective or bounce type. Why hasn't CSCO able to make all time new highs since the year 2,000?
First, the extended 5th (blue) tells alot. The overlapping price moves show an ABC retracement of the sizable crash during the dot.com bubble. I believe this C wave is nearly complete. Price could reach higher highs and even reach towards the 0.618 from the current 0.5 Fib level. However, the correction is not yet complete and that's why a new all time high has not been made since the year 2,000. The remaining C wave down could be horrific as shown because it'll reach towards the wave 2 (blue). Most extended 5ths cause a deep retracement towards prior wave 2. Be cautious.
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