Yahoo Finanza Google Bullish Impulse Confirms Impressive Wave 3 Pattern
The Google stock is breaking into new highs. Can the uptrend keep pushing higher or will a reversal take place? Let’s review the daily chart in this article.
Price Charts and Technical Analysis
Google has made a major bullish bounce since the massive decline in March 2020. The March crash seems to be a wave 4 (purple) retracement. Therefore, the current uptrend is part of a larger wave 5 (purple). The momentum however remains strong and price action is probably still pusher higher within a wave 3 (orange).
Once the wave 3 is completed, a larger but shallow pullback within wave 4 (orange) is expected. Price action could use the support from the previous top and bottoms to make a bullish bounce and uptrend continuation. Only a deep correction makes the bullish outlook unlikely (red x). For the moment, Google stock is expecting at least one more higher high.
Good trading,
Chris Svorcik
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter
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This article was originally posted on FX Empire
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