In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOOGLE stock ( $GOOGL) published in members area of the Elliottwave-Forecast . As our members know, GOOGLE stock is trading higher in the cycle from the September 1394.15 low. Recently we got short term pull back that has unfolded as Elliott Wave Double Three pattern. In further text we’re going to explain the forecast and Elliott Wave Pattern.
Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.
Elliott Wave Double Three Pattern
Double three is the common pattern in the market these days, also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels and target areas.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they could have W,X,Y labeling.
GOOGLE 1 Hour Elliott Wave Analysis 10.19.2020
GOOGLE completed September cycle from the 1395.51 low as (1) blue and now correcting it. Wave (2) pull back looks incomplete. Current view suggests pull back is unfolding as Elliott Wave double three pattern with inner labeling: WXY red. W and X legs has corrective structure. We assume that Y red leg is still in progress, that can also be unfolding as corrective structure. The stock can see more downside toward equal legs from the peak that comes at 1528.37-1493.84 area . We expect stock the remain supported and resume rally toward new highs ideally. As the main trend is bullish buyers should appear at the blue box for a 3 waves bounce at least.
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.
GOOGLE 1 Hour Elliott Wave Analysis 10.26.2020
Eventually Google made another leg down and found buyers at 1528.37-1493.84 , the Blue Box area. Pull back (2) blue ended at 1516.2 as Double Three and we got nice rally toward new highs as expected. Short term cycle from the 1516.2 low ended as 5 waves rally when wave (v) was extended. As far as 1516.2 pivot holds we expect further rally once short term pull back completes.
Keep in mind that 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