5 Wave Impulse Structure + ABC correction
$GOOGL 1H Elliott Wave Chart 12.13.2024:
In the 1-hour Elliott Wave count from December 13, 2024, we see that $GOOGL completed a 5-wave impulsive cycle beginning on November 21, 2024, and ending on December 12, 2024, at the red 3. As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 3 swings, likely finding buyers in the equal legs area between $189.56 and $186.14.
This setup aligns with a typical Elliott Wave correction pattern (ABC), where the market pauses briefly before resuming the main trend.
$GOOGL 1H Elliott Wave Chart 12.16.2024:
The most recent update, from December 16, 2024, shows that $GOOGL reacted as predicted. After the decline from the recent peak, the stock found support in the equal legs area, leading to a renewed rally. As a result, traders could adjust to go risk-free, which confirmed that the bullish trend remains intact.
What’s Next for $GOOGL?
With the current rally, $GOOGL appears well-supported. Based on the Elliott Wave structure, we expect the stock to continue its upward trajectory, targeting the $202 – $220 range before another potential pullback. Therefore, it is essential to keep monitoring this zone as we approach it.
Conclusion
In conclusion, our Elliott Wave analysis of Alphabet Inc. ($GOOGL) suggests that it could continue its bullish run in the short term. Therefore, traders should monitor the $202 – $220 zone as the next target, keeping an eye out for any corrective pullbacks. By using Elliott Wave Theory, we can identify potential buying areas and enhance risk management in volatile markets.
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