We locate Google in turquoise wave 2 (of a downward impulse). In more detail, we see the stock developing a complex [w]-[x]-[y]-[x] pattern and expect turquoise wave 2 to conclude imminently with wave [z]. All the while, the price should maintain a safe distance from resistance at $209.28. Looking ahead to turquoise wave 3, we anticipate sell-offs down into our magenta Target Zone between $123.92 and $98, before wave 4 likely triggers a temporary rebound up to the $138.35 level. Ultimately, the entire turquoise downward impulse should bottom out again in the magenta zone, which would also mark the completion of waves (C) in magenta and [4] in green. Since a new larger upward phase should begin afterward, the magenta zone presents an opportunity to establish long positions. However, if Google were to break above the $209.28 resistance next, we would have to expect a new high for magenta wave alt.(B)—which would only temporarily postpone the anticipated sell-off though (probability: 24%).
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