Cisco (CSCO) plunged after it reported earnings last evening, which reflects investor concerns about its weak guidance outlook for the current quarter and suspicions that US and global demand is soft.
That said, purely from a technical perspective, let's notice that the decline to yesterday evening's low at 16.98 satisfies the optimal measured objective off of the medium term top pattern that developed during the Jan-Apr timeframe. Furthermore, 17.30 represents a 62% correction of the entire prior upleg.
CSCO appears to be initiating a corrective bottoming process within a projected "buy window" between 17.20 and 16.60 in the upcoming days/weeks.
My near-term work indicates that in the absence of a rally off of 17.00 that exhibits very bullish form, we should expect head-fake upmoves interspersed with downspikes into new corrective low territory prior to the completion of the ongoing corrective process.
In other words, right now there does not appear to be any rush to get long CSCO.