Last updated July 5, 2019
Daily chart: Last month I concluded “Now the preferred b-wave bounce can become more complex and longer in time (green alt:a/1, alt: 2/b) so with price getting overbought while below its 200d SMA, going long here is likely not the profitable strategy.” And this is what we got, but we’re also now where we were last time: overbought and below the 200d SMA. The 50d is about to cross below the 200d SMA. A supposed “death cross”. Not just yet the final blow for this stock, but it does show the price action over the last months has been weak. This is also evidenced by the currently down sloping 200 d SMA, and which has not made any progress in almost a year. Not the hallmark of a raging Bull… Thus, like all other FAANG stocks, also GOOGL has not made an ATH in months, and seems to be more likely in a counter trend rally than a new Bull. Now that can change when we get a really nice i,ii,1,2, etc setup, but there’s no evidence of that in the charts at the moment.
So for now, the best I can do, i.e. see is the B-wave to high-1100s, low-1200s,