GOOG is one of my picks. I'm not trading this yet but I'm watching to see the next good long or short entry come up. Here it is one the one year 60min chart:
GOOG broke down from the very large rising channel recently, and I drew in the broadening descending wedge when it broke support, though sadly I didn't short it at the time. As you can see it fell to the lower trendline perfectly and reversed there. Targets for this counter-trend bounce are at the strong resistance level in the 551-4 area, and if that is cleared then the upper trendline would be in the 565 - 570 area depending on the time taken to reach it. If the upper trendline breaks then the pattern target would be at the 630 resistance level.
One thing to note on the chart is that the overall setup looks pretty bearish. The 551-4 resistance level could be the neckline for an incredibly ugly H&S pattern indicating to the 460 area. That may well not play out, but I'd be surprised if GOOG was done with downside here. If GOOG can make it back up to the upper wedge trendline at (say) 570, then there could well then be a move down to the wedge support trendline in the high 400s which would be a very nice move indeed. Definitely one to watch.
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