Goog stock could offer 10% discount after pullback
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Alphabet Inc (Goog) is building a bearish retracement within a strong uptrend. Our article reviews the key bull and bear lines.
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The decision zone will determine whether a deeper pullback against the trend will take place. Or will the bulls manage to continue higher in the trend.
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The GOOG stock is showing a head and shoulders reversal chart pattern (red boxes). The support line (green) is the main decision zone for a potential reversal.

Price Charts and Technical Analysis
The GOOG stock is showing a head and shoulders reversal chart pattern (red boxes). The support line (green) is the main decision zone for a potential reversal.
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A bearish breakout (orange arrows) confirms the deeper bearish retracement towards the long-term moving averages and Fibonacci levels.
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It also confirms the deeper wave 4 (pink) development rather than the shallower wave 4 (grey).
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An immediate breakout (green arrows) above the resistance (orange) indicates a potential uptrend continuation.
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The Fibs are expected to act as a bouncing spot (blue arrows).
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Only a deeper retracement places the uptrend in question (yellow & red circles).
On the 4 hour chart, the sideways price action is an ABC (orange) pattern. The main question is whether the ABC pattern is complete OR will price action expand it.
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The end of the ABC is confirmed by a bullish breakout.
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The continuation of the ABC pattern can take place with 2 variants:
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ABCDE triangle chart pattern
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Deeper ABC retracement after bearish breakout
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In all cases, an uptrend is expected eventually. Unless price pushes below the $1,500 round level.
The analysis has been done with the ecs.SWAT method and ebook.
Author

Chris Svorcik
Elite CurrenSea
Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.



















