Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Alphabet Inc. ($GOOGL). The rally from 9.26.2022 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 7 swings and find buyers again at the blue box area. We will explain the structure & forecast below:
Here is the 1H Elliott Wave count from 10.20.2023. The rally from 9.26.2023 peaked at blue (1) and started a pullback to correct it. We expected the pullback to find buyers at (2) in 7 swings (WXY) at $135.62 – 132.47.
Here is the 1H update from 10.23.2023 showing the bounce taking place as expected. The stock bottomed at $133.94 and reacted higher after reaching the blue box area. We expect the stock to continue higher to break above October 2023 peak and reach $143 - 146 before a pullback can happen.