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Google (GOOG) Elliot Wave Stock Chart Analysis Update

2 May

Yesterday, I posted a chart of Google’s stock showing it’s resemblance to an Elliot Wave at the Wave 5 stage.

I was hoping today Google’s stock would put out a nice convincing red candle for a short opportunity. But, instead it rose with the market today.

Good thing I didn’t jump the gun initiating a short position yesterday . Yesterday’s low volume selling was not convincing enough for me as well as the fact that the candle had any lower wick at all was not a good sign. So, I’ll continue to wait. Any higher price move up to recent high would invalidate the whole Elliot Wave theory.

Google’s (GOOG) stock has been a monster this year and I would certainly hate to be on the wrong side of this trade. But, you only have to look back to last year and think to yourself, “Remember Apple”.

Here’s an update to Google’s stock chart today:

Google's Stock Chart - May 2, 2013