It didn’t take GOOG long to undo the damage from last week’s Trump selloff . Now the stock looks bound for the 956.75 target shown (see inset), although I wouldn’t warrant this outcome as a done deal quite yet, since the stock struggled a little too hard getting past the 935.88 midpoint Hidden Pivot. Subscribers who trade this monster can use a ‘mechanical’ tripwire to get long if the stock pulls back to 925.44 (i.e., the green line), but the actual trade should be initiated with a ‘camouflage’ trigger in order to bring entry risk down to perhaps a tenth of the $950 theoretical implied otherwise. This would entail using an uptrending ABC pattern on perhaps the 5- or 10-minute chart to come up with a well-formed tradable pattern that meets our needs. Please note that we still have an even higher target outstanding — a potentially important one at 965.59 that comes from the monthly chart. ______ UPDATE (May 23, 6:10 p.m. ET): Today’s swoon affected neither the viability nor potential usefulness of the 956.75 target flagged above. Use it as a minimum upside objective for now, and short there if you’re so inclined with a stop-loss no wide than 40 cents. If you use put options, tie them to the stop. _______ UPDATE (May 24, 10:17 p.m.): If the stock pushes past the 956.75 target given above, assume it’s on its way to at least 959.80. Click here for the chart. _______ UPDATE (May 25, 3:13 p.m.): GOOG’s rampage today has trashed my conservative rally target. Obviously, as AMZN has demonstrated, it has eyes for the obvious round number 1000. For the record, there is just one more upside target left before the MONTHLY chart’s possibilities have been exhausted: 978.35.
