Google appeared to have completed 5 waves down from its January 4, 2010 high on July1, 2010, but this turned out to be false as it broke above the January 2010 highs in November and again this week. The only reasonable conclusion, in my opinion, is that the August 27 low was a truncated wave C of a double zigzag correction. The move up from the August 27 low is clearly impulsive, and I have labeled it as wave (1). GOOG looks to be working on wave C of (2) in an expanded flat correction. Closing at the lows of the day and the week supports the near term bearish outlook. However, once wave (2) is over the outlook for GOOG is very bullish with a target approaching 1000. We will have to be watching out for the expanded flat morphing into a combination correction that could extend for some time, but even so, this one will remain on my radar screen.
The Qs finished very poorly for the week near the dead low for the day and the week. While there may be a muted rally attempt Monday morning or perhaps even a retest of today's high, the near term picture continues to develop to the downside. The length of the initial thrust off of the high to yesterday's low is sufficient to propel the Qs down to the November low and April high should it develop as an impulse at higher degree. If this were to occur it would probably take about two more weeks. This would set up a deeper correction toward the 45 level.
However, if the correction finds support at the November high, it will probably not be as deep overall and the November low and April high around 50 would then probably be the final correction target instead of the deeper correction cited above.
The poor showing in AAPL and GOOG suggests that the deeper correction is the more likely outcome.