Broadcom Stock Analysis: How Much Higher Can AVGO Go?Broadcom Inc.BATS:AVGOsdk-tradingBroadcom is still in a long-term uptrend, but the current advance is already at a much later stage. AVGO is trading around $365 after reaching almost $500 at the recent high. I still see room for the larger move to continue, although the structure is no longer early. My current Broadcom stock analysis is built around three areas: whether the larger Elliott Wave structure remains incomplete, whether a break above the recent high near $500 can open the path toward $600, and whether a sustained break below $290 would materially weaken the current bullish structure. The larger Elliott Wave structure still looks incomplete. A break above the recent high near $500 would keep the path toward $600 open. A sustained break below $290 would materially weaken the current bullish structure and make me reassess the count. The long-term structure is still incomplete On the monthly chart, Broadcom has been moving inside a large rising structure for several years. The advance accelerated significantly during the latest part of the trend, bringing price close to $500 before the current pullback. From an Elliott Wave perspective, I still read the larger advance as incomplete, but the wave relationships also suggest that the current part of the move is already in its final stage. A trend can remain bullish while the amount of remaining upside becomes progressively smaller relative to the advance that has already taken place. The potential completion area I am using for this part of the structure is roughly $350 to $600, which means Broadcom is already trading inside it. I do not consider the move complete at the current price. The important point is that AVGO has reached a part of the long-term structure where continuation conditions matter more and where I would start paying much closer attention to evidence that the expected correction has begun. The fundamental picture still supports the larger trend Broadcom's fundamental picture remains strong enough to support the larger trend. The fundamental dashboard I am using shows revenue growth of roughly 18%, EPS growth of about 30%, and free cash flow growth of approximately 20%. At the same time, valuation is already fairly high, with forward P/E around 21 and forward P/S around 10.9. There are also risks that become more important at this stage of the advance. Broadcom's five largest end customers accounted for about 45% of revenue during the first two fiscal quarters of 2026, while a large part of current growth is tied to AI infrastructure spending. If large AI deployments slow, Broadcom's growth rate can slow as well. For me, this combination fits the chart reasonably well: the business remains strong, while valuation, customer concentration and the maturity of the technical structure make the current position less straightforward than it was earlier in the trend. The first important upside test is near $500 The daily chart makes the practical Broadcom technical analysis simpler. AVGO first needs to recover the recent high near $500. If price breaks above that area and can hold above it, I would expect the current advance to continue toward the $600 area. I would place more weight on price establishing itself above the old high than on a brief move through the level followed by an immediate reversal. That gives me a clear decision map. Below $500, the previous high remains the immediate obstacle. A break above $500 followed by acceptance would shift the focus toward $600. On the downside, $290 is the more important structural boundary because a sustained move below it would change the interpretation rather than simply mark another support test. Below $500: the previous high remains the immediate obstacle. Above $500 and holding: the $600 area becomes the next important upside zone. Below $290 and holding: the current upside continuation scenario becomes substantially weaker. If Broadcom breaks below $290 and remains below it, my base case would be that the correction I am expecting has already started. At that point I would reassess the current Elliott Wave structure rather than continue treating the existing upside path as the primary scenario. What I expect after the current advance Even if Broadcom reaches the upper part of the current completion area, I do not expect the larger move to continue vertically. Once this part of the advance is complete, I expect a correction. The first move down could be sharp, while the broader correction can later become more complicated, move sideways and take considerably more time. The red path on this chart is schematic. I am not treating every swing or turning point as an exact forecast. The important part is the broader sequence: the current advance completes, the first corrective leg can be sharp, and the larger correction can later develop sideways with strong countertrend recoveries. After that correction is complete, the larger structure would still support another major move higher. The current advance completes. The first corrective leg can be sharp. The broader correction can later become sideways. After the correction is complete, the larger structure would still support another major advance. That last point is important for the long-term AVGO outlook because my Elliott Wave interpretation does not end the entire Broadcom bull structure with the current move. I expect a meaningful correction after this stage, but the larger count can still allow another major advance once that correction has completed. The levels that would change my view For now, my Broadcom technical analysis remains constructive while the larger structure stays intact. The two main levels are straightforward: a break above $500 followed by a hold above it would keep continuation toward the $600 area as my preferred path, while a sustained break below $290 would materially weaken the current upside scenario and make it more likely that the expected correction has already started. Above $500 and holding: continuation toward the $600 area becomes my preferred path. Below $290 and holding: the current upside scenario weakens materially and I would reassess the structure. Broadcom has already completed a very large part of this long-term advance. I still do not consider the current move finished, but I also would not read the chart as an early-stage trend anymore. That is why the next move around $500 matters more to me than simply extrapolating the previous rally. If $500 breaks and price holds above it, I would continue to follow the move toward $600. If $290 breaks and price remains below it, I will reassess the current Elliott Wave structure and update the Broadcom analysis.