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.