Elliott Wave View: Alphabet (GOOGL) Impulsive Rally Incomplete

Jan 27, 2021

Short Term Elliott Wave view in Alphabet (ticker: GOOGL) suggests the rally from December 21,2020 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from December 21 low, wave 1 ended at 1788.57 and pullback in wave 2 ended at 1696.10. Wave 3 higher remains in progress as another 5 waves of lesser degree. Up from wave 2 low at 1696.10, wave ((i)) ended at 1801 and dips in wave ((ii)) ended at 1711.65. Stock then resumed higher in wave ((iiii)) towards 1932.08 and wave ((iv)) pullback is proposed complete at 1859.16.

The stock still needs to break above wave ((iii)) at 1932.08 to avoid a double correction in wave ((iv)). Near term, while pullback stays above wave ((iv)) low at 1859.16, and more importantly above 1711.65, expect the stock to resume higher. If the stock breaks below 1859.16, then it’s doing a double three (w)-(y)-(y) and should find support at the next extreme area in 7 swing. As far as wave ((ii)) pivot low on January 16 at 1711.65 remains intact, expect dips to find support in 3, 7, or 11 swing for more upside.