GOOG Sell Off

The chart is of GOOG on a Monthly timeframe. As you look at the bullish volume (the black bars), though it still has a lot of volume, 2004-05 had far more volumes than the past year. After such strong buying from 04 to 07, it was time for some selling action that occurred in the 08 timeframe. By the end of 08, people began seeing deals and buying up GOOG, but the feverishness at which they bought when it was initially offered had significantly decreased.

On RSI, it had a pretty steep uptrend from late '08 through to '09. Jan'10 isn't over yet, but if it were to be, this candle would be a bearish engulfing, if this happens to be resistance. This would be about a 75% retracement.

On this daily chart that shows 6 months, there seems to be quite some selling action. It seems to rival that of the Mar'09 timeframe when the S&P hit it's all time low in the past decade or so. Looking more at RSI, it can go lower. Currently it's at the 50 EMA and could bounce off here or it may go for the 200 EMA.

Everything right now looks bearish.

And with the news of them wanting to pull out of China, Chinese businesses/supporters probably have a pretty big impact here. Just guessing. There is definitely room to go down here. Let's look for 500 for the 200 EMA and 525 as a closer target.
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