nmike
Long

GOOGLE weekly CLONES update

NASDAQ:GOOG   ALPHABET INC
1025 16 9
Republishing Google             weekly CLONING.
Google>>>NEXT TARGET
As you can see the price pattern prediction 7 months ago worked out nicely. Google             has had a nice run last few weeks and momentum could carry price to mid of CLONE 3 near term. If the over all market starts correcting we could see Google             retrace to last pivot high or middle of CLONE 2. A deeper correction could see Google             retrace to bottom of CLONE 2. Assuming Goggle does not break down totally the next long term CLONE target is around $1000. I normally place a 50% line in CLONE channels especially if they rather large in height.
>>>>>mid CLONE near term HIT as I thought
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>>>>> positive pin bar back above CLONE 3
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Perfect Hits So Far
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nmike MOD StealthTrader
Yes, we had a HIT at median CLONE, and a bounce off CLONE support
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Does this divergence mean anything to you something worth noting?
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StealthTrader StealthTrader
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nmike MOD StealthTrader
on weekly frames I tend to focus mainly on near term divergences, which we don't have right now, but I always do other analysis to confirm each situation. I always start with candle price action, support/resistance, higher frames, and how far away price is from average , usually 20ma & 34
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Thanks
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nmike MOD StealthTrader
@StealthTrader, I use this system for divergence, better then just looking at RSI,... getting popular among some TW members
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>>>>> CLONE 2 acting as good support
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Nice bounce from support
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nmike MOD StealthTrader
.....this channeling support/resistance is playing out really well :D
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>>>>> CLONE target hit....add another forward CLONE on top
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BEI nmike
Hi Mike, i noticed reversals tend to happen on the median of the underlining trending channel you draw on the charts, at least you see prices react strongly to it, making a reversal candlesticks when there is important top on chart. Do you see that also? Anyways, this is my point of view on GOOG, the divergence has been overextended, same thing we can actually see on any other index today, they have been bouncing of the EMA21 weekly refusing to play the divergence, denoting of a very strong bull markets but just delaying the inevitable. Without being pessimistic because i like to seek confirmation but this looks unhealthy.
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@BEI, yes this happens more often then not, also if a channel or CLONE box is large enough in height you can draw Fibs from top to bottom of CLONE. We have negative divergence now on weekly but we need a candle reversal pattern confirmation and you should check monthly frame for more clues
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BEI nmike
Indeed, i have seen the fibs from top to bottom of clone work more than once on even 3min-5min time frames too. Like i said in my chart the monthly does not seem to say much on GOOG but i guess from this point time will tell. Thank you for your answer.
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