Like FB, GOOG has painted a small bearish harmonic pattern (butterfly) at the tail end of a larger bearish harmonic that has defined its entire action from the october fall. And like FB I think its fortunes will have a bearing on what happens in the S&P.
Watch how it reacts as tries again to breakout from the TL it just had a failed breakout from. Another rejection could mean we're headed for the 2nd PT and likely a retrace of the large bearish cypher.
Were this an hourly chart, I'd enter a short here no question as the cypher has textbook fib ratios. But I gotta be sure the market stays in this downtrend first before any action is taken here. However if I had to put a number on it I'd say 80% chance this cypher completes and the markets resumes its correction starting Wednesday.
Watch how it reacts as tries again to breakout from the TL it just had a failed breakout from. Another rejection could mean we're headed for the 2nd PT and likely a retrace of the large bearish cypher.
Were this an hourly chart, I'd enter a short here no question as the cypher has textbook fib ratios. But I gotta be sure the market stays in this downtrend first before any action is taken here. However if I had to put a number on it I'd say 80% chance this cypher completes and the markets resumes its correction starting Wednesday.
