Google Stock Quote

Here we go again.

Let’s recap yesterday’s price action. Google reversed to the upside at the 50% price retracement (see previous post). By the end of the day, the stock was more than $2 higher than the low for the day.

Today started off to the downside with a gap down from yesterday’s close.

And guess where today’s price low came in at? That’s right, right at the next Fibonacci price retracement level, the 62% level. Today’s low was at $141.21 - the 62% retracement was exactly $141.21.

GOOG 62% retracement

What makes this retracement level and even more likely reversal level is that the price action from Friday’s high unfolded in a simple ABC format, where the “A” downswing is equal to the “C” downswing.

GOOG ABC

And the result:

GOOG at the end of the day