Details: After a large rally from the bottom at 80$ and after finding support on TL1 at 100$. We seem to have found resistance on Medium Level 150$ as we now seem to have completed the five wave rally in wave (1).

GOOGL Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave {iii} of C.

Direction: Downside within wave {iii}.

Details: Looking for acceleration lower into wave {iii} as we seem to be having an initial five wave move into wave {i} suggesting we could foresee further downside into wave {iii}. The degree of the descent is still uncertain as we could be in wave {c} instead of wave C. Welcome to our GOOGL Elliott Wave Analysis Trading Lounge, your trusted source for comprehensive insights into Alphabet Inc. (GOOGL) using Elliott Wave Technical Analysis. As of the Daily Chart on 27th February 2024, we explore significant trends guiding the market.

GOOGL Elliott Wave technical analysis – Daily chart

In terms of wave dynamics, we identify a counter trend function with a corrective structure, specifically a zigzag pattern. The current position is in Wave A of (2), indicating downside movement in wave A. Despite a significant rally from the bottom at $80 and finding support on TL1 at $100, resistance encountered at Medium Level $150 suggests the completion of a five-wave rally in wave (1).

GOOGL Elliott Wave technical analysis – Four hour chart

\Here, the wave function maintains its counter trend mode with a corrective zigzag structure. The present position is in Wave {iii} of C, signaling further downside within wave {iii}. We anticipate acceleration lower into wave {iii}, supported by an initial five-wave move into wave {i}, hinting at potential further downside into wave {iii}. However, the degree of the descent remains uncertain, as we could be in wave {c} instead of wave C.

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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