In this technical blog, we will look at the past performance of 4 hour Elliott Wave Charts of Google stock ticker symbol: $GOOGL, which we presented to members at the elliottwave-forecast. In which, the rally from 23rd February 2021 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the GOOGL & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
GOOGL 4 Hour Elliott Wave Chart
Above is the 4 Hour Elliott wave chart from the 5/11/2021 update. In which, the stock is showing an impulse rally higher where wave 1 ended at $2145.14 high. Wave 2 pullback ended at $1989.61 low and wave 3 ended at $2431.38 high. Down from there, the stock entered in wave 4 pullback to correct the cycle from $1989.61 low. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $2256.68 low. Wave ((x)) bounce ended at $2373.89 high and wave ((y)) was expected to reach $2198.87- $2090.71 blue box area. From where buyers were expected to appear looking for more upside or for a 3 wave bounce at least.
GOOGL Latest 4 Hour Elliott Wave Chart
Here’s the latest 4hr Elliott wave Chart of GOOGL from the 6/08/2021 update. In which the stock is showing a strong reaction higher taking place from the blue box area. Right after ending the double three corrections within the blue box area. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area. However, a break above $2431.38 high still needed to confirm the next extension higher & avoid double correction lower.
Source: https://elliottwave-forecast.com/stock-market/googl-showing-perfect-reaction-higher/