Re: So, What's going on with the GOOG
marcus.ra...@gmail.com
alexyam
...@gmail.com wrote:
>So in your best guess, do you think now that the
> stock has rallied once back up to 693 today, that from here on, it
> will make a gradual decline down to the low 600s/high 500s, before
> eventually coming back up to test the 740 range (with little mini
> rallies along the way down)?
Well if I were short, I would have liked to see it go above the
$693.84 today, the close from the 8th and then fail on price and
volume. It only got to $693.40. Still there was a serious expansion
in volume on the way down today and it did close below the Nov. 8th
low (16.5 million shares) which I see as pretty bearish. To answer
your question, I would put my money on hitting the $616 before a
retest of the $693. as it hits that point, if the volume is higher
than the last time down, I think it goes quickly lower. If goog holds
that area with lighter volume, my guess is it would probably get a
pretty good bounce. Also, all bets would be off if Uncle Ben jumps
in.
What is your Elliott Wave telling us?
