During the members-only webinar, Ron compared the pull we saw on $GOOGL on Sep 21st (A) to the one we witnessed during the live recording on Sep 28th (B).
$GOOGL chart marking the pulls, A and B, and showing the Fibonacci levelsNotable differences:
- The candle on A touched the 50 SMA but bounced, B already gave the look for more downside potential
- On B, we also have an 8/21 EMA crossover, often signaling a directional change
- Additionally, a Fibonnaci retracement drawn on the move (weekly candles to get the bigger picture) from March 23rd, 2020 shows a price level at 2706.63 which could get tested before a establishing long position can be attempted.
- An Anchored VWAP from May 12, 2021 provides a reference point for where long investors would be looking to get out, below Candle B
- We can see how strong $GOOGL has been on this extended run.
We will keep watching how this develops. Follow us on Twitter or get updates by subscribing below.