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GOOGL

Elliott Wave View: Support Area for Alphabet (GOOGL)Alphabet (GOOGL) 45 minutes chart below shows that the stock has rallied higher from August 10 low. From that low, the stock rallied higher in wave ((iii)), which ended at 1652.79 high. The rally unfolded as a 5 waves impulsive Elliott Wave Structure. Up from wave ((ii)) low, wave (i) ended at 1536.97 high. The dip in wave (ii) ended at 1499 low. The stock then extended higher in wave (iii), which ended at 1608.78 high. Wave (iv) pullback then ended at 1575.04 low. The push higher in wave (v) ended at 1652.79 high. This completed wave ((iii)) in larger degree. Currently, the stock is doing a pullback in wave ((iv)) to correct the cycle from August 10 low. The structure is unfolding as a double correction. Wave (w) ended at 1618.81 low. The bounce in wave (x) ended at 1647.79 high. Wave (y) lower is in progress. The 100-161.8% extension of wave (w)-(x) where (y) can potentially end is at 1592.53 – 1613.70 area, highlighted with a blue box. If reached, that area can produce 3 waves bounce at least or the stock can resume higher in wave ((v)). The 100% extension from June 29 low, where wave ((v)) could target is at 1689.
NASDAQ:GOOGL
by Elliottwave-Forecast
GOOGL - 7.17% Profit Potential - Ascending TriangleAscending Triangle and new support confirmed multiple times in the past 3 days. Target price set at new historical resistance line bounce. - Historical Uptrend - RSI and STOCH above 50 - MACD above Signal Suggested Entry $1592.45 Suggested Stop Loss $1560.3 Target price $1710.71 Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
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$GOOGL - Head & ShouldersAs I'm publishing this, $GOOGL bulls and bears are currently fighting it out as the bulls try to retest and regain the trendline support and H&S's base. Volume and CMF behaved as expected with a H&S. OBV still abiding by trendline support. Green channels are where I would consider taking bits of profit based on multiple fib levels (regular and trend-based), a fixed volume profile of the most recent range below, and the H&S objective of 1384.84 (purple line).
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GOOGL - resting on long term trendline.Shares of Alphabet Inc. Cl A GOOGL, -0.63% sank 0.64% to $1,473.30 Tuesday, on what proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX, +0.36% rising 0.36% to 3,306.51 and the Dow Jones Industrial Average DJIA, +0.61% rising 0.62% to 26,828.47. This was the stock's third consecutive day of losses. Alphabet Inc. Cl A closed $113.75 below its 52-week high ($1,587.05), which the company reached on July 21st. The stock demonstrated a mixed performance when compared to some of its competitors Tuesday, as Apple Inc. AAPL, +0.66% rose 0.67% to $438.66, Microsoft Corp. MSFT, -1.50% fell 1.50% to $213.29, and Facebook Inc. Cl A FB, -0.84% fell 0.85% to $249.83. Trading volume (1.8 M) eclipsed its 50-day average volume of 1.8 M.
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