Long term Long Postion GOOGL (QMMIF)
Past price gives support at 793.29 that might become reistance. Support/Resistance (red)
The Fibonacci ratio % shows us a possible support at 777.05 there can be a loss of momentum and a bounce back between 38.29% and 50% ratio, passed this ratio the bears have enough momentum to drive price down to support 680.00 (blue), however unlikely.
The target price can be found after confimation of resistance at 777.85
Eliott wave theory shows us that the start of impulse waves began in august 2015, the correctionn wave followed in Febrary 2016. The next start of Impulse started at June 2016 (1st Wave).
After the Earning report of 27 october 2016, we are now in the 2nd wave which end a the fib ratio of 777.85. According to Eliott wave theory the longest wave is the 3 wave so this give space for a long postion.
If the Impulse wave and to its usual 5 a long postion will be the choice in the long run. The correction wave might occur in march 2017.
Caution to : Earning reports, most of the time they have showed to drive price down.
Kamal
The Fibonacci ratio % shows us a possible support at 777.05 there can be a loss of momentum and a bounce back between 38.29% and 50% ratio, passed this ratio the bears have enough momentum to drive price down to support 680.00 (blue), however unlikely.
The target price can be found after confimation of resistance at 777.85
Eliott wave theory shows us that the start of impulse waves began in august 2015, the correctionn wave followed in Febrary 2016. The next start of Impulse started at June 2016 (1st Wave).
After the Earning report of 27 october 2016, we are now in the 2nd wave which end a the fib ratio of 777.85. According to Eliott wave theory the longest wave is the 3 wave so this give space for a long postion.
If the Impulse wave and to its usual 5 a long postion will be the choice in the long run. The correction wave might occur in march 2017.
Caution to : Earning reports, most of the time they have showed to drive price down.
Kamal
This candlestick ended a few pips below the 38.2% Fibs.