Google's Dive: Next Stop Wave 2?
Updated
Google is currently experiencing a significant drop, just as expected, with a decline of more than 3%. We should soon be at a point to conclude Wave A of this correction, then move upwards into Wave B, and finally downwards into Wave C. The exact development remains uncertain. Google moves very similarly to Apple, yet they are not in an identical cycle. We don't foresee a possibility of a much deeper fall, perhaps only a retest of the $83.34 level. However, we shouldn't fall much below that. We're anticipating that we are in a Wave (2), which should reach between 50 and 78.6%. This places Google's level between $119 and $99 in this scenario. We will keep you updated on the type of correction—zigzag or flat—we are dealing with. For now, we strongly believe that we will soon see this Wave (2) materialize.
Note
We've witnessed a very positive movement from Google, aligning with our anticipation of this chart. However, we believe that we haven't completed Wave B but just the subordinate Wave ((a)). Next, we should complete Wave ((b)) and then Wave ((c)). We now lean towards the expectation of a zigzag movement. This implies we believe the subordinate Wave ((b)) will be in the range of 61.8% and 78.6%, between the levels of $139 and $135.38. Then, we should see a rise for Wave ((c)) or the overarching Wave B. We expect this to lie in the range of 127.2% to 138%.
Should we exceed $163, and not just with a wick but significantly surpass it, we will need to reassess and analyze the situation anew. If this doesn't occur, we continue to anticipate a decline towards the overarching Wave C and the overarching Wave (2). This is still expected to be between the 50% and 78.6% levels
Note
At Google, we had to adjust our scenario due to a tremendously parabolic rise following what we initially considered as Wave A. The rise was so pronounced and parabolic that we now consider this not to be Wave A, but rather Wave 4. Thus, we've moved Waves 3 and 4 up to where we previously had Waves 5 and (1). We're now positioning Waves 5 and 1 towards the range between the 38.6% and 61.8% levels. We could surpass these, but currently, the most realistic level for us seems to be within this range. We believe the 38.6% level will likely be breached quickly, as it's common to exceed the 38.6% level. We'll then look for shorting opportunities if we observe weakness after possibly reaching up to $174. However, it's important to note that we haven't seen a major correction during this upward trend following Wave 4. Thus, it's possible that we might see a stronger correction, within this Wave 5. This will become clearer in the coming days, and we'll soon see how it unfolds.
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