Google (GOOG) Technical Chart Analysis using Elliot Wave Theory

1 May

Google’s (GOOG) chart looks interesting right about now. For those of you who want to go long, you might want to give pause and watch the price action for the next couple of days.

The chart pattern looks a lot like an Elliot Wave with today capping off what might be wave 5. If true, then, wave A, B, C are next and that is a reversal of the uptrend. Yesterday and today may be forming a “lower high” on Google’s stock chart. If there is selling on volume tomorrow or in the next couple of days, I would consider shorting Google’s stock with a stop at 827.80.

Here is Google’s stock chart overlaid with the different phases of the Elliot wave.

Google's stock chart showing an Elliot Wave

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