I think speculation is at least as much art as it is science. This is clear to anyone who applies box theory to calculate support and resistance levels. Box positions are usually obvious in retrospect, but you can't make money by predicting the past. Profits can only be earned by making educated guesses about the future where nothing is obvious or easy.
With this in mind I have been mulling over the box situation in Google. The hourly chart above shows my new estimate of GOOG boxes which are 50.37 points high. I like this estimate principally because the 1/2 point of the current box (red dashed line) seems to be true "center of gravity" for the past 7 weeks.
I have been saying that support in GOOG is at 280, but now I think that the market is unlikely to drop much below this 1/2 level at 292. If I am wrong about this then a drop all the way to the bottom of the current box near 267 will become likely.
In any case I now think that the next upswing in GOOG will probably carry to the 1/2 point of the next box near 343.
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