Details: We are looking for upside into wave 1 of (3), which is our more conservative approach. As we are trading just around 200$ we would not be surprised to see a larger pullback in what could be wave 2.

GOOGL Elliott Wave technical analysis – Daily chart

Alphabet Inc. (GOOGL) is currently experiencing an upside move in wave 1 of (3), following a more conservative approach. As the stock trades near the $200 level, there is a potential for a larger pullback, likely forming wave 2. This suggests that a near-term correction could occur before the next bullish phase begins.

GOOGL Elliott Wave technical analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave (iii) of {v}.

Direction: Top in wave {v}.

Details: Looking for upside into wave {v}, the support found on the parallel trend channel seems to provide us with additional confidence on the overall count.

GOOGL Elliott Wave technical analysis – One-hour chart

We are anticipating further upside into wave {v}. The support provided by the parallel trend channel strengthens the overall bullish outlook for GOOGL. This indicates that the current structure could see completion with further gains before a potential pullback.

This Elliott Wave analysis for Alphabet Inc., (GOOGL) examines both the daily and 1-hour charts to assess its current market trend, utilizing Elliott Wave Theory to anticipate potential future movements.

Alphabet Inc.(GOOGL) Elliott Wave technical analysis [Video]

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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