Looking at GOOG*

TraderMike (who has a blog worth reading) had an interesting post on GOOG, and I agree with his analysis.

Here is another view with Fibonacci lines plotted over the all-time low to the high area ~$320-$322 that was tested several times before price finally broke out with a runaway gap at the end of October.

As you can see, the Fibonacci extension is ~$408-$410. IMO, this is the area that will determine GOOG's near-term future. GOOG broke down last week but managed to recover...however, as TraderMike said "this bounce looks suspect". If it moves back below that area (the Fibonacci extension ~$408-$410) with any kind of sustained action, it could easily fall back to the ~$320-$322 area that it broke through at the end of October.

*PLEASE NOTE - I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL, I JUST POST MY THOUGHTS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES AND INVESTMENTS.