You may recall the bearish consolidation/continuation pattern in GOOG, one of the things we were looking for as for timing for a speculative long (maybe swing trade-maybe better?) was a head fake move below the triangle to suck in new shorts who would cover as GOOG passes above the triangle's apex which it has done (broke down below yesterday and above the apex today).
The point of that small head fake break down to the downside yesterday was to sucker in shorts that would be squeezed as they are at a loss the next day, on this 1 min chart the green arrows look a lot like short covering, these shorts are the primer to get momentum working to the upside. I mentioned yesterday for those looking for confirmation, this area would be a decent area for that confirmation.
The 1 min 3C chart acted just like we wanted on the break yesterday below the triangle with a positive divergence and a leading positive this a.m. thus far. This is not a long term position in my view, but it did and still does look like a low risk/high probability speculative long.
The 30 min chart shows the recent positive divergence during the bearish price pattern that caught our attention.
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