As described yesterday in our "Jab, Jab, Upper-Cut ... Knock-Out?" comment (see it here: ), Google was quick to bully through our upper target following a signal release on the preceding day.
However, despite a significant rally into new structure highs, our analysis has remained . What we are waiting for at this point is a market reversal confirmation. While there is still a possibility for Google to revert the signal by generating a signal, this has yet to be the case, despite a forceful ascension to its high target, TG-High = 1197.97.
A market signal was generated and remained intact despite a significant move to new heights, underscoring the predominance of unfettered bears in the face of that impulse. If the market turns to favor bulls, we would indicate this change with comments pertinent to underlying technical shifts. Until then, we keep our eyes on the lower targets, one intermediate defined at TG-Int. = 1050.30 on January 29th, and one primary defined at TG-1 = 1029.20 on January 28th, 2014.
David Alcindor | 4xQuad.com
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