Monday, August 31, 2009

Tech Is Toppy - GOOG Is Almost There

One chart will tell the story, GOOG weekly. At the top trendline with and ending diagonal at the top of the BB in a strong resistance zone from $475 to $500. The indicators are extremely toppy with precious room left to run. Some are calling it a completed 5th wave and some a completed ABC. I don't care what they call it. The chart is there.

When GOOG pops the rest will follow. When the RSI crosses the trendline, look out. The table is set. The falling wedge is in place and it will play out. Will the E touch of the wedge make the bottom trendline or even have a throw under? Way too early to speculate on such things. Let's just get the market heading in its rightful direction first and we'll read it from there.

At one time back in April I went to call tops and pullbacks in all of the tech stocks. Since being horribly wrong then, I have remained quiet and patient. Could I be wrong again? Absofreakinglutely! The manipulated bullshit bit me in the ass once and it did not feel good. Do not want to go there again. I hope I am right this time. If not, don't blame me. Blame the manipulators.

GL trading.

Chart may be viewed better HERE.

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