BearishAB=CD pattern. Declining volume since the start of the CD leg. I've been looking at monthly charts on a lot of the big boys and $GOOG looks quite horrible. $GOOG isn't any different. I thought about it and it would be interesting to see $AAPL pop next year and $GOOG drop. Anyway if this plays out here it looks like we will have a perfect BearishAB=CD . My first target would be $663.47, second around $505.
Agree volume is low and at 26x earnings it is perhaps slightly overbought. That said, its huge w/ hedge funds and MM. I don't see the big guys shorting GOOG without some bad news and you wont go sub 800 until that happens. I'd watch for short opportunity with big selling below the short term support of 859.10 but as I said I doubt you get there without bad news. In the meantime I'll ride back to ~915 and take my profit.
I agree AAPL will pop, though not until we get a new product to get some of that investor enthusiasm back with it.
The thing with tech analysis is that the news is already priced into the stock. I trade harmonic patterns and this has formed a perfect Bearish AB=CD, with RSI BAMM to back it up. If it cannot break that resistance at the top I do see this going to those projected targets. I hear your fundamental side and if that is your trading plan then so be it. I do not trade based on fundamental "news." You must also realize just because a stock is largely institutionally owned does not mean it can't go lower. There have been countless names that were institutionally owned that dropped. Just look at how much money Einhorn and other hedges lost on AAPL recently. I disagree with you on AAPL I believe we pop soon, based on the pattern I see on their chart. But thats based on my trading plan. Trade your plan. If you disagree that's great, because that's what makes a market a buyer and a seller haha. Happy trading bud.