Chart of the day

Where do we stand fundamentally?

Alphabet (Google's parent company) reported strong financial results for Q2 2024, driven by growth in Google Cloud and its core search advertising business. The company's revenue rose to $84.74 billion, a 14% increase year-over-year, surpassing analyst expectations. Net income also grew to $23.62 billion, with earnings per share (EPS) of $1.89, beating the estimated $1.85.

GOOGL is supported by the 143 level of an uptrend line for a ride to the 220 within the fifth upside short and the third long-term wave and to complete a complex consolidation in the fourth wave. We need to see a break above 160 for the upside continuation in the fifth upside wave to happen and gain traction.

An invalidation level of a third-wave long-term extension higher and a bullish cycle is 140 As said this extension higher could lead to 200 and 220 targets in the medium-term to long-term if we get a confirmed break above 160 and 180.

_{Try a long trade entry with a stop loss below 140 to target 200 and higher upon a break above this level.}