In this technical blog, we will look at the past performance of 1 hour Elliott Wave Charts of Google, which we presented to members at the elliottwave-forecast. In which, the rally from 13 May 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 stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Google 1 Hour Elliott Wave Chart
Above is the 1hr Elliott wave chart of Google from the 6/30/2021 Pre-Market update. In which, the rally to $2455.51 high ended wave (1) and wave (2) pullback ended $2389.25 low. Up from there, the stock made a new high in wave 1 above $2455.51 high & made a pullback in wave 2. The internals of that pullback was expected to unfold as a flat structure where wave ((a)) ended at $2431.30 low, wave ((b)) ended at $2460.42 high, and wave ((c)) was expected to reach $2426.81- $2405.89 blue box area. From there, buyers were expected to appear looking for further upside ideally or for a 3 wave bounce at least.
Google 1 Hour Elliott Wave Chart
Here’s the 1hr Elliott wave chart of Google from the 7/04/2021 Weekend update. The stock is showing a strong reaction higher taking place from the blue box area after ending the double three correction at a $120.61 low. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area. (It’s important to note that with further data we were able to downgrade the degree & a pullback to a double three instead of a flat correction lower).
Source: https://elliottwave-forecast.com/stock-market/google-made-new-highs-blue-box-area/