• Google reversed from resistance level 270.00
• Likely to fall to 1390.00
Google recently reversed down from the resistance level 1464.00 (which stopped the previous short-term impulse wave (iii)) standing near the upper daily Bollinger Bad.
The downward reversal from the resistance level 1464.00 created the daily candlesticks reversal pattern Evening Star, which started the active medium-term impulse wave (3). Given the clear bearish divergence on the daily Stochastic indicator – Google is likely to fall further toward the next support level 1390.00 (low of the previous correction (a)).
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