Two widely followed stocks, GOOG and BP, are near reversals that should last 6 to 8 weeks. Such action in widely followed stocks usually coincides with turning points in the broader markets. For those who own GOOG, the upcoming rally would be a good place to sell shares before the next selloff to the 300 to 350 zone. BP should followup its impending rally with another sharp selloff to new lows. The alternate view on GOOG is that the triangle is wave X of a double zigzag which is the more bullish view. Either way rallies are imminent.
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