We did not trade this directly because: - We were short on both the Nasdaq and the SPX500. - Both the assets above had a better RR. - Both have made us higher percentages than Google would've so far.
However, we deem it important to post google as it is exactly the type of trade set up that we preach about and showcases traditional Technical Analysis in its best light. It also drives the Index funds and so reflects how we've position ourselves lately.
Google broke down of its falling wedge and confirmed the breakdown. Before this it held a key level as resistance and was also showing extensive bearish divergence. Lastly, it was at a great value area for a short reaching just over the 0.786% retracement from the Low to ATH.
Please ask any questions you may have!
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Overall Trend is really strong and we are testing resistance now. Let's see what happens.
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After failing at resistance we broke down and reached our first target. Where we are reacting now