Update May 21, 2019
Big picture wise, CSCO topped for Super Cycle 1 in 2000 and bottomed for Super Cycle 2 in 2012. Now, IMHO, Cycle-1 is underway.
Zooming in, from the 2012 low the price action counts IMHO best as a leading diagonal Primary I wave into 2015, then wave-II into 2016, another leading diagonal wave-1, wave-2 into the 2017 low and now price is either completing Primary III or has already completed Cycle-1. Thus upside reward vs downside risk is not favorable at current levels IMHO. A break below $51 will suggest wave-III or C1 has topped with confirmation below $40. A possible wave-IV should ideally find support around the high-30s, while a Cycle 2 will likely find support around $26-$28, but that is still years from now.