Short term Elliott Wave view on Alphabet (ticker: GOOGL) suggests the decline from 8.16.2022 peak is unfolding as a 5 waves impulse structure. Down from 8.16.2022 peak, wave ((1)) ended at 105.78 and rally in wave ((2)) ended at 111.62. Stock resumed lower in wave ((3)) towards 95.56 and rally in wave ((4)) ended at 102.93. Internal of wave ((4)) unfolded as an expanded flat Elliott Wave structure. Up from wave ((3)), wave (A) ended at 100.7, wave (B) ended at 95.12, and wave (C) ended at 102.93. This completed wave ((4)) as the 30 minutes chart below shows.
Wave ((5)) lower is in progress as a 5 waves impulse in lesser degree. The stock still needs to break below the previous low at 95.12 to rule out a double correction. Down from wave ((4)), wave 1 ended at 100.84, and rally in wave 2 ended at 102.67. Stock resumes lower in wave 3 towards 97.80, and rally in wave 4 ended at 99.27. Wave 5 lower ended at 97.01 which completed wave (1). Wave (2) rally ended at 99.25 as an expanded flat. Near term, as far as pivot at 102.93 high stays intact, expect the stock to extend lower.
