Jan. 3 at 6:34 AM
$GOOGL is late-stage in a mature impulsive advance, with price having already completed a clear wave (5) into the 330–335 supply zone. The rejection from that area confirms impulsive exhaustion, not consolidation at highs.
Since the peak, price has been tracing a textbook ABC correction, where wave (a) sold off sharply, and the current rebound aligns cleanly with a wave (b) retracement, retracing roughly 0.786–0.81 of wave (a). The overlapping, corrective nature of the rebound reinforces that this is counter-trend price action, not a fresh impulse.
From an EW perspective, GOOGL remains corrective until wave (c) resolves. As long as price stays capped below the 325–335 supply band, risk remains skewed toward another leg lower to complete the correction. Only a sustained impulsive break above supply would invalidate the bearish corrective count.
