GOOG update February 1, 2016

Well, Alphabet aka Google (sorry but Alphabet is such a lousy name) hit it out of the ball park on earnings, they say. So what does the chart tell us. Well, to be honest, the advance off the Primary IV low made early February 2015 has been rather sloppy and overlapping we must admit. So what we present here is a ending diagonal possibility for GOOG.

Click picture to enlarge


The yellow lines clearly show the ED formation and how price has adhered to them. As such, price should now be in major c of Primary V. Note that AH price hit $825, which is close to where intermediate v=i from the d/iv low (note that a/i and d/iv overlap) and if the price action since is saying anything then GOOG will open below $800; very close to the upper yellow trend line. Then major d will kick in, bringing price down to prior S/R: $725-$735, where the 100% extension of a/i is. Major e should then kick in and target $850-$880 for Primary V of Cycle 3. Cycle 4 should then bring price back to around the Primary IV low: a 50% hair cut… That will coincide with Cycle of the general market indices.