The Google stock is breaking into new highs. Can the uptrend keep pushing higher or will a reversal take place? Let’s review the daily chart in this article.
Price Charts and Technical Analysis
Google has made a major bullish bounce since the massive decline in March 2020. The March crash seems to be a wave 4 (purple) retracement. Therefore, the current uptrend is part of a larger wave 5 (purple). The momentum however remains strong and price action is probably still pusher higher within a wave 3 (orange).
Once the wave 3 is completed, a larger but shallow pullback within wave 4 (orange) is expected. Price action could use the support from the previous top and bottoms to make a bullish bounce and uptrend continuation. Only a deep correction makes the bullish outlook unlikely (red x). For the moment, Google stock is expecting at least one more higher high.
