Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOOGLE stock, published in members area of the website. As our members know, GOOGLE is another instrument that has been giving us trading opportunities lately. The stock is showing Impulsive sequences in the cycle from the March 23th low (1011.07) . The price structure has been calling for further rally. Consequently, we advised members to avoid selling $GOOGL and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast.
GOOGLE 4 Hour Elliott Wave Analysis 6.29.2020
GOOGLE is trading within March 23th cycle that is unfolding as impulsive structure. Wave ((4)) pull back is showing clear 3 waves structure (A)(B)(C). The pull back reached equal legs area at 1392.79-1339.9 (buyers zone). As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. We don’t recommend selling it against the main trend in any proposed pull back. We favor the long side from the marked blue box area. As the main trend is bullish, we expect to see 3 waves bounce at least from the mentioned zone.
Let’s take a look at the lower time frame to see what short term price structure looks like.
GOOGLE 1 Hour Elliott Wave Analysis 6.30.2020
Wave ((4)) pull back is counted completed at the 1351.23 low. As far as the price stays above mentioned low, we expect more upside to follow. The stock should ideally break above June 24th peak in order to confirm next leg up is in progress. Anyway, we favor the long side from H4 blue box area. As soon as the price reach 50 Fibonacci Retracement against the (B) blue peak, we should make long positions Risk Free ( put SL at BE).
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room
Elliott Wave Forecast