Alphabet (GOOGL) technical update: Bulls regain control [Video]

Gregor Horvat Wavetraders

Over the past months, we discussed GOOGL’s recent five-wave impulse, which set the stage for the recent corrective structure. As expected, the stock has seen a strong rebound over the last two weeks after completing a three-wave decline into the 270 area that we had been tracking. CLICK HERE

After a three-wave move, trends often resume, and in this case, it now looks very likely. Price has broken out of the downward channel and moved above the 317 bullish level, indicating that bulls are back in control. This increases the probability that the stock could push toward previous highs around 345.

As long as price holds above the 270 support, further upside is likely, making short-term buying on dips a favorable strategy.

Highlights

Support at 270 is key to maintaining the bullish structure.
Breakout of the channel and move above 317 confirms bullish momentum.
Upside potential toward previous highs at 345.
Buying dips favored while price stays above support.
For those who bought in the yellow box, tighter stops are recommended.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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