Based on the price behavior of GOOGL since April I think we are in the final stages of a 5 wave impulsive structure to the upside. I think we are probably in a 5th wave that will send GOOGL to the 1320s and potentially even the 1350s. The former is based on the notion that wave 5 will be equal to wave 1 in magnitude; the latter on the notion that there is a 70% chance wave 5 will terminate between the 61.8% - 100% Fibonacci levels derived from the wave structure. These targets will have to be re-calibrated if the recent low of 1204 is broken which would indicate wave 4 is still in progress as of now- this is not my notion in the chart.
Thanks for reading
Thanks for reading
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Re-calibration of Fibonacci levels will be needed once pullback is done. Wave count and overall setup will only be invalidated by a drop below 1117.
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