Friday’s upthrust maxed out my targets on the monthly chart, topping just a few points beneath a Hidden Pivot at 978.35 that has been more than seven years in coming. Could this be the end of the line for one of the bull market’s star performers? It’s possible, since the target is as clear and compelling as Hidden Pivots get. At the very least, we should expect to see a correction lasting for perhaps 8-12 weeks from somewhere very close to the target — meaning within a few dollars of it. That would imply there’s still room next week for a rally of $10 or so, or as much as $30 if traders should be irresistibly drawn to the magical number 1000. Any higher than that and I’d need to use a target calculated from a lesser-trend extension of the major trend. That would yield a 1029.04 price objective, but if it too were to be shoved aside, GOOG would be in uncharted waters, beyond my ability to to tell you within a few dollars where it is likely to make a major top. If this ain’t it, that would be something new in the annals of Hidden Pivot analysis. ______ UPDATE (7:06 p.m. EDT): The arse bandits who manipulate this stock for a living trapped bulls on the opening bar with a head-fake that topped less than a dollar from my 978.35 target. That could be it for a while, since buyers are likely to be skittish for at least the next couple of days. If so, look for more weakness to the 950.21 downside target shown in the chart. _______ UPDATE (June 1, 11:20 p.m.): The sleazeballs did it again, Let’s see if buyers return for a third heaping portion of rancid meat on Friday. [They didn’t. GOOG opened moderately higher and wafted lazily higher for the rest of the day.]
