Alphabet, Inc. (GOOGL), formerly known as Google, Inc., crushed earnings last night and the stock surged. Alphabet’s big earnings beat also signaled another wave higher in its stock price.
Back in September, I wrote: “Is Google Setting Up For One More Thrust Higher?“. In that post, I highlighted the current wave formation and chart pattern, making a case for a wave 5 higher. Here’s a couple excerpts:
The next chart is a ‘potential’ elliott wave count showing one more new high to be made by GOOGL in the coming weeks/months… Here’s the daily Google stock chart showing the very powerful gap up filled and the “key” buy level of 607-612. It also shows how if GOOGL declines through 585 on a CLOSING basis then we’ll have to ctrl-alt-del this potential elliott wave / price pattern and take another look at it.
Well, the pattern held true to form, and my Alphabet / Google stock price target of 818 is still in play. The post-earnings surge higher seems to confirm a 5th wave higher. Nice reward for patient traders. Enjoy the ride and trade safe.
Alphabet, Inc. (GOOGL) Stock Chart
Thanks for reading.
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.