Could GOOG fall to 337?

August 29, 2010 · Posted in Fibonacci Levels, Symm. Triangles · Comments Off on Could GOOG fall to 337? 

I was looking at GOOG’s chart to see if GOOG has any support at current levels. I trade Daily Stock Charts, but I do research Weekly and Monthly charts to see if there is any glaring visible pattern for me to analyze.

Interestingly GOOG seems to be forming a Symmetric Triangle Pattern. So, I want to see GOOG’s retracement levels. GOOG started trading in Aug. 2004 at a low of $95 and reached a high of $747 by Nov. 2007. From Nov. 2007, GOOG retraced (BC) by 76.4% to $247 in Nov. 2008. From a low of $247 in Nov. 2008, GOOG rallied to 628 by Dec. 2009, which is also 76.4% rally into BC range. If Symmetry works, GOOG should retrace the same 76.4% of CD retracement and trade at $337.57.

Symmetric Triangle Failure

January 22, 2010 · Posted in Failed Chart Patterns, Fib. Bands, Globex Pivots, SuperBars, Symm. Triangles · Comments Off on Symmetric Triangle Failure 

Jan. 21, 2010

Symmetric Triangles are continuation patterns and are very reliable. Very rarely (<20%) I have seen failures in Symm. Triangles. Today's @ES showed a methodical failure in Symm. Triangle pattern. Overnight trading range (Globex) was up as it traded Globex high of 1139.25 to Globex low of 1130.75. At the open, ES was trading near the Globex Mid level (1135). A series of Lower-High swings and Higher-Low Swings prices formed the Symmetric Triangle pattern. My first assumption was to trade the pattern from long side as trendline breakout above GBXHi: 1139.25. The prior trend before formation of the pattern is in uptrend. 4th swing in the Symm. Triangle was marked around 1132. Once price trades below the 4th swing point, it confirms the Failure of Symm. Triangle. Around 10.15am, price closed below 1132 triggering a Short and confirming the Symm. Failure. The Stop is set above the GBXMid and VAH: 1135. The range (SIZE) of the Symm. Triangle (1 to 2) is about 10 points. This is the target size from the breakdown level below 4 to 1122. SymmTriangleFailure_Jan2110