Wave v of 5 has just completed a termination wedge, a pattern which tends to retrace a) all of its length, and b) to wave iv. As with the internal structure of wave 3 (which also ended on a wedge), the presence of a contracting triangle gives us an objective view on where wave iv of 5 is, as triangles must always be the penultimate wave in a wave of larger...
Google to test key support. As shown on this graph, Since May, Google has been dancing around $860-$920 range. There has been 2 peaks in this channel (circled).
Couple things I want to point out. First, the key support line is labelled in purple, and must be protected at all cost. If it closes below the support line, I would expect a push down to low $800s,...
Looking at this chart. Google has been going up, with 4 peaks in the past 12 months (pink circles). Each peak is higher than the previous. However, the volume has died off quite a bit since the 2nd peak (red arrows), suggesting exhaustion of buyers. In addition, there is divergence on MACD histogram and RSI. These are suggestive of bearish trend ahead. ...
There is a pretty solid Fibonacci price and time support zone in the 130.36/129.80 area. Look for that level to hold.
If it does, will add a small piece to the long side and then add on breaks through 131.14 & 132.00 - targeting 135.00+
A multi-day trade, not a quick hit and run.
Right now prices just broke to the upper band of the pitchfork. When prices near the ML we can expect three possible actions:
1) Reversal
2) Ranging or sideways
3) Violent piercing past the ML
It's so simple! (kidding, kidding) As one can see, GOOG is bumping up against an area where it's had a difficult time breaking trough, thereby offering a sell signal. However, notice that support has been rising for some time despite GOOG's inability to break through historical resistance. Sell for now and wait for the pair to come into support before resuming...
GOOG recaptured both 50MA and 20MA after earnings gap down this morning before stopping at the ascending trendline. This ascending trendline has been acting as support since April. Has support now become resistance?
