Alphabet (GOOG): Would You Take Buying or Selling Action?

SUMMARY

From my 20+ years of Technical Analysis, the smartest and best way to profit is to identify the trend and stay with the trend. Once you find the trend, the trend becomes your friend! Can there be sizable % corrections within the trend? Absolutely! This is when you BTFD!

Let's take a look at the trend for Alphabet since early 2014. It's been traveling in a beautiful channel. The top and bottom trend line are separated by a 43% price difference. So, yes, price can correct by that much as it has been since 2014. When it does correct, is it the time to be taking Buying or Selling action?

So, yes, GOOG is correcting and likely it might even temporarily pierce the bottom trend line as shown by the blue arrow. IF so, that would be a fine looking bull wick event! Price is at or very close to the bottom trend line and so the MACD is showing a near oversold status. The blue line shows that it should soon pick upwards as soon as this silly correction is complete.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?