Google – or now better known as Alphabet, the stock has been in the long term 5th wave for a while. I would have liked to believe that it would be complete by now but as shown on this chart till the parallel channel support at 907 holds there is room for wave 5 of 5 up to 1050 to develop in the coming months
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Amazon sold off from the 5th wave position discussed last week. So how did Google do? I have covered this chart twice before, once in 2015 projecting 5=1 to 1100. Then I considered the 2014 period as a triangle. It still is. But one change. In 2016 I marked the rise as an ending pattern. After that prices formed a running triangle. So this running triangle is also a 4th wave. Running triangles happen in the final stages of a move so the 5th wave forming now is the final advance for Google long term. I cannot say that it is over but the next trend reversal would be important long term. The trendline of all the highs is at 1060. Once the 5th wave completes we will dip back below the 800 mark.