Chart of the day

Where do we stand fundamentally?

Alphabet Inc. (GOOGL) has been performing well, trading at around $163.42 as of mid-October 2024. Key drivers for its stock include growth in artificial intelligence and cloud services, which have been bolstered by its robust data center infrastructure. However, GOOGL is also facing ongoing legal challenges, including a potential breakup due to antitrust rulings, which could significantly impact its future operations. The company's next earnings report, in the next few days, will be crucial for stockholders

GOOGL is testing the 170 level for an extension higher to 190 and more in the fifth wave. We need a breakout above the mentioned level for an extension higher in the fifth uptrend Elliott Wave to 220. Invalidation of this immediate upside extension could come upon a break below 150.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle continuation is much lower at 136 meaning we are in the strong bull uptrend. As said the breakout above 170 could lead to a 220 target in the medium-term to long-term if the GOOGL breaks and sustains a break above 170.

_{Try a long trade entry with a stop loss below 150 to target 200 and higher.}