Anticipating Google’s Next Move: Short Term Swing
Greetings Everyone,
This is my 4th posting today - please show support by commenting and leaving a like.
This is a rough draft of an idea I have for shorting what is probably my favorite stock in the entire market.
I’ve chosen to use this format, line chart, and color scheme because it best illustrates the idea, especially considering the numerous personal notes I’ve hidden on the chart for reference.
Based on Elliott Wave Analysis and my interpretation of this chart, I believe a near-term correction is approaching for ticker GOOG / GOOGL.
Google Earnings:
Stellar Earnings ❤️
Google generated $88.27 billion in revenue for the quarter, which was higher than the anticipated $86.3 billion.
This marks a 15% year-over-year growth compared to Q3 2023’s $77 billion.
Net income was also robust, reaching $26.3 billion, up from $19.69 billion a year ago .
Technical Analysis:
This evaluation is based on a long-term analysis using Elliott Wave Theory, mapping out the five-wave sequence.
In the chart, you’ll notice a completed wave 5,A,B and Wave C starting to unfold.
Bearish signs 🪧
- Exhaustion Gaps
- Failure in reaching previous major rejection point
- Massive Bearish Engulfish Candle on candle stick chart
- Broke through previous consolidation zone
- Based on previous analysis failed W bottoms and inverse head and shoulder patterns have a strong reversal if fails to follow through.
- MACD turning down with big selling volume
Best,
Clemard
This is my 4th posting today - please show support by commenting and leaving a like.
This is a rough draft of an idea I have for shorting what is probably my favorite stock in the entire market.
I’ve chosen to use this format, line chart, and color scheme because it best illustrates the idea, especially considering the numerous personal notes I’ve hidden on the chart for reference.
Based on Elliott Wave Analysis and my interpretation of this chart, I believe a near-term correction is approaching for ticker GOOG / GOOGL.
Google Earnings:
Stellar Earnings ❤️
Google generated $88.27 billion in revenue for the quarter, which was higher than the anticipated $86.3 billion.
This marks a 15% year-over-year growth compared to Q3 2023’s $77 billion.
Net income was also robust, reaching $26.3 billion, up from $19.69 billion a year ago .
Technical Analysis:
This evaluation is based on a long-term analysis using Elliott Wave Theory, mapping out the five-wave sequence.
In the chart, you’ll notice a completed wave 5,A,B and Wave C starting to unfold.
Bearish signs 🪧
- Exhaustion Gaps
- Failure in reaching previous major rejection point
- Massive Bearish Engulfish Candle on candle stick chart
- Broke through previous consolidation zone
- Based on previous analysis failed W bottoms and inverse head and shoulder patterns have a strong reversal if fails to follow through.
- MACD turning down with big selling volume
Best,
Clemard
Penafian
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