Alphabet (ticker: GOOGL) shows incomplete bearish sequence from 1.31.2022 earlier this year. It favors further downside to reach the extreme target of 61 – 72. Short term Elliott wave View in Alphabet (ticker: GOOGL) suggests that cycle from 12.1.2022 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 12.1.2022 high, wave 1 ended at 97.21 and wave 2 rally ended at 101.38. The stock resumed lower in wave 3 towards 92.20, wave 4 ended at 96.09, and wave 5 lower ended at 91.61 which completed wave (1). Rally in wave (2) completed at 99.53 and the stock has resumed lower.
Down from wave (2), wave ((i)) ended at 95.03 and rally in wave ((ii)) ended at 96.87. Stock resumed lower in wave ((iii)) towards 89.51, and wave ((iv)) ended at 91.33. Expect stock to extend a little lower to complete wave ((v)). This should also end wave 1 in higher degree. Stock should then rally in wave 2 to correct cycle from 12.13.2022 high before the decline resumes. Near term, as far as pivot at 99.55 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
