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| GOOG 180 days 2-hour bars |
The Elliott wave count, however, shows GOOG to be in a sideways correction, one that appears to be a combo that links three-wave (A-B-C) corrective patterns, separating them with an X wave.
These can go on for some time -- this one began in May and combos can link more than two patterns together.
I'm deeply disinterested in having my money in a position waiting for this particular pattern to work itself out.
A decline from the present level and then a break above the X-wave end point, $928, would suggest that the correction is at an end and the upward move has resumed.
At that point, I would be interested.
References
My trading rules can be read here. And the classic Turtle Trading rules on which my rules are based can be read here.
Elliott wave analysis tracks patterns in price movements. StockCharts has a good explainer. The principal practioner of Elliott wave analysis is Robert Prechter at Elliott Wave International. His book, Elliott Wave Principle, is a must-read for people interested in this form of analysis, as is his most recent publication, Visual Guide to Elliott Wave Trading.
By preference I place my trades in the last half hour before the closing bell in New York. See my essay "When is the best time to trade" for a discussion of the practice.
Disclaimer
Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.
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