A $GOOGL Update

A quick recap on $GOOGL:

  • In this post, I interpreted $GOOGL bullishly. That call is still live, though it’s obviously taking longer to come about.
  • In this post, I anticipated the bounce to blue b, and we got that, and I also then suggested we may go lower again, and we got that, too.

So far, so good. Where do we stand now? The blue c I needed here needed to be a 5-wave impulse and that’s just what it looks like to me. There is a good chance that the correction is now over. (We are in the expected range for a wave 4 of this degree: big orange box.)

As readers of this post from earlier may note, I expect the indices to breathe first up, and then down, with $QQQ taking out its low on the next leg down. But $GOOGL need not take out its low as the pattern looks complete. So that breath may become its first impulse wave, blue one and two as I have it labelled here below (ignore their placement in time and price; I’ve stuck them on there merely as placeholders).

Once those materialize, I will be able to generate a target for blue 3.


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