Step 1: Understanding the cosine equation.
\[
\cos 2x = -\frac{1}{2}
\]
Cosine is negative in the second and third quadrants.
Step 2: Finding the reference angle.
\[
\cos \theta = \frac{1}{2} \Rightarrow \theta = \frac{\pi}{3}
\]
Step 3: Writing principal values for $2x$.
\[
2x = \frac{2\pi}{3},\ \frac{4\pi}{3}
\]
Step 4: Solving for $x$.
\[
x = \frac{\pi}{3},\ \frac{2\pi}{3}
\]
Step 5: Conclusion.
The principal solutions are $x = \frac{\pi}{3}$ and $x = \frac{2\pi}{3}$.