Peter Smith
⬤ GOOGL just wrapped up a double three corrective structure from its recent peak, landing right in the Blue Box buying zone between $234 and $223. The pullback wasn't random—it followed a structured W X Y pattern that suggests measured consolidation rather than any major trend shift. This is exactly the kind of controlled decline that keeps the bigger picture intact.
⬤ The Blue Box sits around the 100 to 161.8 percent Fibonacci extension levels, a sweet spot where Elliott Wave practitioners expect price reactions. Once GOOGL hit this zone, the setup implied downside pressure should be easing. The chart makes it clear—selling here isn't the play. Instead, this area signals the correction might be wrapping up.
⬤ GOOGL's showing early signs of stabilization inside the $223-$234 window. The broader trend still looks positive based on the sequence of higher swings before this pullback. With invalidation sitting way down around $162, the bullish structure holds firm. A solid bounce from this Blue Box would fit perfectly with expectations for the upward trend to continue.
⬤ This moment matters because it's a critical technical checkpoint. How GOOGL behaves around $223-$234 will tell us whether the bullish cycle resumes or if more sideways action is needed. A positive reaction here could shift short-term sentiment and clarify what's coming next as the Elliott Wave pattern plays out.
Peter Smith
