GOOG Macro analysis | The bigger picture | Long-term holders

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GOOG caught an extraordinary bid from the weekly pivot, but ultimately stopped before the previous ATH without making a higher-high to confirm bullish market structure. This could be wave (B) of a larger correction, especially as the S&P rally is built on hype. Wave © has a target of the 0.236 Fibs and HVN at $246. If wave IV is complete, wave V has a minimum target of the R1 weekly pivot, $381. Bulls are in control for now.

📈 Weekly RSI bearish divergence in overbought is playing out, with plenty of room to fall until oversold. A pop into ATH would give an even larger bearish divergence to look out for.

👉 Analysis is invalidated if price continues to new highs above wave III

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