Google is correcting its entire uptrend since 2004.

Almost exactly on the dot, Google reached the 1.00 extension of the purple (Y) line with its high on February 3. Since then, the all-time high has not been retested. Theoretically, a pending purple (Z) level could still be in store. However, it is more likely that the correction targets will be based on the entire upward movement since Google’s IPO in 2004, and the correction targets should be aligned accordingly. The minimum target for such a correction is always the 23.6% retracement, which in this case is found at $267.57. On a smaller timeframe (not shown), the interim correction high from February 23 could already represent an X, which would then allow for a perfect first correction target at the 23.6% level. Whether this will already mark the start of a trend reversal or whether we are merely seeing the end of the first W within the blue-circled X will only become clear later.