shorttermblog <shorttermb...@yahoo.it>

Only a few weeks ago you could read about GOOG at $1000, which is
typical of the end of hype phases. After a prolonged uptrend almost
exponential in its final phase, price have printed a first leg of
correction and a rebound. If this is an a-b-c type of correction we
should see prices projected fist toward the retest of the low at $620
and then to the $560 support. This scenario takes into account a deep
correction from present values. But we cannot predict the future.
For the moment we limit to observe that the bearish engulfing printed
today establishes a very important resistance to the upside at the
$680-690 level. A breakout to the upside would re-open the way to a
retest of previous high. For those who want to short the stock to take
advantage of the good risk/reward ratio this level represents a stop
loss.

see the chart at
http://short-termtrading.blogspot.com/2007/11/google-goog-b-c-scenari...