GOOGL Bullish Setup

By: TheWaveTrading | Mon, May 12, 2014
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I was not fast enough to buy the gap and go of TNA.

Instead I bought GOOGL

Reason: Potential Double Bottom with a theoretical target at 574

In my opinion on April 28 price has completed the wave (A) of a Zig Zag, if this is the case and the Double Bottom pans out the wave (B) could reach the measured target in the area of the 0.618 retracement provided price does not stall at the 50 dma

I am long with a stop at today's gap up (If closed by eod print)

GOOGL Chart
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TheWaveTrading

Author: TheWaveTrading

TheWaveTrading

Contact: If you would like to contact the author, you can e-mail him at thewavetrading@gmail.com

The main objective of this project is to share my views on several markets and asset classes.

In the initial stage TWT website will be a free service.

My main focus will be the equity market with SPX being the leader but I will also follow US equity sectors, major European indices, fixed income, currencies and commodities markets.

My analysis is based upon traditional Technical Analysis, Elliot Wave guidelines and investor sentiment.

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on the long and short side and mainly with leveraged ones (2 x & 3 x).

The advantage of ETF investments is that it allows getting involved in equity indices & sectors, currencies, fixed income, commodities etc.

Therefore the main purpose of TWT will be to establish investment strategies regardless if the market is in an up trend or in a down trend, leveraging the chosen scenario while managing the risk by establishing protective stop losses.

Hence I will always define the risk, I will try to let winners run the wave and I will cut the losses if my strategy is wrong.

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/