GOOGL Fakeout

GOOGL had an ascending channel that was broken to the upside recently, but it quickly failed and broke back below the trendline. I see fakeouts like this as very bearish, but I'll need to see some more confirmation first considering how bullish this stock has been.

I expect it to come back to the bottom end of the ascending channel at a minimum. If it breaks below that, we have a longer term trendline below that may provide a bounce as well. Things would get really bad if it broke below that, potentially all the way back to $150 and then we can see what happens from there.

If the uptrend and dip buying continues, I'd waiting to see what happens on a test of ATH.