Google (GOOG) is working off the previous move in a neutral position. Price is basing at the 25% retrace line after visiting the 50% line at 1/8 the time cycle. I am guessing price will retest this level at the 1/4 time cycle.
The shorter term range of November to March shows price basing at the 50% retrace line. Price hit the 50/50 point on May 19th and is now at 3/4 of the time cycle. Price could move here or continue without a trend into 100% of the time cycle. I would call GOOG neutral and would not want a position at this time.
Charts courtesy of Stockcharts.com
Post Modified: July 3rd, 2008 at 12:37 am
Tags: GOOG · Price RetraceNo Comments
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