This is the long term elliott wave forecast for Google (GOOGL) based on the 10 year chart going back to the IPO.
Best case scenario: Recent ABC flat correction was a W2 before 3 of 3 or W3 of W3…highest target could hit as high as 1100-1150 before retracing in a W4…that’s still a long way to go, but..the problem is this…
Worst case scenario: The recent retracemnt from 620 to 495 was a .382 W4 ABC flat..if this is the case, it’s currently in a 5th wave, and pretty damn near it’s 618 X w1 + w3 target. 618 X w1 + W3 is the most common 5th wave I’ve seen since the 2009 low, and that target is right at 780-800, which is REALLY close to where it hit recently. If this is the case, upside would be capped here big time in the 780-800 range and by Jan of next year we could see a huge descent in a corrective W4 or W2. W4 would be back to 500-550, but W2, as low as 280-300. I’m not good at calling tops and really don’t want to see that happen with Google, but it damn sure looks like 5 waves up.
Where I’m leaning: If this is 5 waves up in Google, avoid at all costs..no matter how tempting this thing may be..the downside risk is super enormous.