Potential H&S Swing Trade

GOOG has a H&S pattern with support around 556. That support level happens to coincide with the 50 day SMA. A measured move down would test the range/support levels formed in February. This scenario is more likely to play out if the broad market starts to sell off from the current extended (upside) levels.


Update: The charts below (30min and daily) show what happened with the H&S pattern. After forming a more complex right shoulder and testing support several times, GOOG gave a good test down (yesterday and today) into support as shown on the daily chart. A sharp reversal from that level brought it back to the H&S breakout level by today's close. The test down did not achieve a full measured move (height of the H&S pattern), but it was a good move down in an overall bullish market. The possibility still exists for achieving the full measured move before trading above the H&S pattern, however the strong reversal today lessens that chance.