Google Stock Quote

Today’s low stops right at the confluence of the 38% Fibonacci retracement from the larger time frame AND at the 100% price projection of the previous down swing.

38% fibonacci retracement

Let’s break that previous comment down.

First, today’s low is near the 38% retracement level of the upswing that started on 16 December near $176 and ended on 20 December near $188.46. The retracement level targets $183.68.

Second, the 100% price projection of the previous down swing … look at the linked 10 minute chart, the down swing that ends at A is matched in price with the downswing from B to C. This targets the $183.50.

Today’s low is $183.40.

All the conditions are in place for a buying opportunity IF the stock trades up from these price levels.