Short Term Elliott Wave View on Google ($GOOGL) suggests it ended wave 2 pullback at 103.68. Wave 3 higher is currently in progress with internal subdivision as a 5 waves impulse with extension. This is often called nesting impulse. Up from wave 2, wave ((i)) ended at 107.49 and pullback in wave ((ii)) ended at 103.97. The stock resumes higher in wave ((iii)) with internal subdivision as another impulse in lesser degree. Up from wave ((ii)), wave i ended at 105.56 and wave ii ended at 104.11 Wave iii ended at 109.7, pullback in wave iv ended at 107.72, and wave v higher ended at 110.15 which completed wave (i). Stock then pullback in wave (ii) which ended at 106.70.
Google has resumed higher in wave (iii) again. Up from wave (ii), wave i ended at 113.83 and dips in wave ii ended at 111.75. Stock resumes higher in wave iii towards 117.92, and pullback in wave iv ended at 115.85. Final leg wave v ended at 118.48 which completed wave (iii). Expect wave (iv) pullback to find support in 3, 7, 11 swing for further upside. Potential target for wave (iv) is 23.6 – 38.2% Fibonacci retracement of wave (iii) which comes at 113.9 – 115.7. Near term, as far as pivot at 103.7 low stays intact, expect the stock to extend higher.
