$GOOG TOP 20
Added 2023-05-15 10:15:52 +0000 UTCThis $GOOG chart is unlike the other Mega Tech stocks, its chart set up is not impulsive but it has broke out above the bear channel and we have seen this from $AAPL and $MSFT, the difference between those stocks and $GOOG is that they still had a nice structured impulse wave.
If we look at the highs on the chart from Nov '21 and the decline down to Oct '22 was a Wave A, it appears that the bounce we are in now is almost perfectly set up as a Wave B bounce, with Wave C next to follow.
However, this bounce is looking messy here, the only possible outcome I give it is that it is a leading edge Wave 1, where waves overlap, and Wave 5 could complete at the 0.5 Fib, which it is at now, or the 0.618 or 0.78 Fibs.
I can not rule out the entire structure being corrective.
$GOOG have came out aggressively with their Bard AI, after chatgpt has taken the world by storm, apparently there are no limits on Bard either and overall it is a better experience, it is not available in Ireland yet, so I have not been able to use it.
So $GOOG's ability to respond the $MSFT challenge on their market has been met so far, this may account for the strong response in the market, it's price action performance has also been lagging $AAPL and $MSFT, so it may be catching up now, the same can be seen with $AMZN too.
So What Now?
There are too many uncertainties here for me, I think $AMZN has a better set up and a number of other stocks in our Top 20, if $GOOG can reach Wave 5 and pull back in 3 waves for an ABC count and start showing structure, then I'll consider this a buy.
