Bears circling around GOOG

682 6 4
Everything points towards a move down.

We even have a nice head and shoulders formation at the top (still not confirmed).

One could also use the recent high ($918) as a stop to get ~7 risk/reward ratio. While going higher would not invalidate the ending diagonal count, it would add some arguments against this scenario.
justatrader PRO
3 years ago
Your targets are a lot more aggressive than mine. Been watching google for 2 months (going by my chart). So price went down and then retraced most of it back.

Wolfe Wave - Google, Short
Frozenlock justatrader
3 years ago
There is some other EW counts that allow for a milder correction, but it doesn't fit as well with what seems to be a barrier triangle.

In addition, the move after an ending diagonal is often very swift; better be 'ready' for it and be able to adapt to slower outcomes if needed.
timwest PRO
3 years ago
Nice setup. I only suggest to be careful with absolute statements about the location of triangles though. I would disagree with the statement above in the chart about where they can be located. I do love diagonal triangles (terminal triangles) for their massive reward:risk ratios, but the probability of catching one is also low. The post-pattern reaction has to be sharper that any previous correction in the rally, so for this pattern to pan out, it needs to get going quickly to keep up with the forecast. Wishing you all the best. Good work.
Frozenlock timwest
3 years ago