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In today’s article, we will take a look at the past performance of the one-hour chart of Alphabet Inc. stock (GOOGL). The rally from the Sept. 26, 2023 low unfolded as a 5-wave impulse. So, we expected the pullback to unfold in 7 swings, and to find buyers again at the blue box area. We will explain the structure and forecast below.

Alphabet Inc. One-Hour Chart - Oct. 20, 2023

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Here is the one-hour Elliott Wave count from Oct. 20, 2023. The rally from Sept. 26, 2023 peaked at point (1), displayed in blue, and started a pullback to correct it. We expected the pullback to find buyers at point (2) in approximately 7 swings, as illustrated by the red points of W, X, and Y,  within the range of $135.62-$132.47.

Alphabet Inc. One-Hour Chart - Oct. 23, 2023

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Here is the one-hour update from Oct. 23, 2023, which shows the bounce taking place as expected. The stock bottomed at $133.94 and reacted higher after reaching the blue box area we have outlined. We expect the stock to continue higher to break above the October 2023 peak, and to reach the range of $143-$146 before a pullback can occur.

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