GOOGL - Short Term Short to around 830, then Long
Alphabet is showing us a number of technical patterns and is indicating that it is looking to go short in the near future.
Not only is it reaching all time highs, it also looks to be in the last leg of an elliot wave pattern that has already seen a 1-5 upward cycle and the first 2 cycles of the 3 step downtrend.
There is also a recent trend where in the middle of an upwards rally there will be a slight dip before it rallies upwards again. I think that we are seeing this dip now, which will continue to about 827 (fib 0.32) before rallying back to all time highs.
The fibo numbers look strongly correlated to performance here, with a lot of activity going around these areas, and given that we are on the 0.236 line at the moment I would suspect there will be some short-term volatility here too.
Not only is it reaching all time highs, it also looks to be in the last leg of an elliot wave pattern that has already seen a 1-5 upward cycle and the first 2 cycles of the 3 step downtrend.
There is also a recent trend where in the middle of an upwards rally there will be a slight dip before it rallies upwards again. I think that we are seeing this dip now, which will continue to about 827 (fib 0.32) before rallying back to all time highs.
The fibo numbers look strongly correlated to performance here, with a lot of activity going around these areas, and given that we are on the 0.236 line at the moment I would suspect there will be some short-term volatility here too.