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How Much Higher for Google?

Google Inc. (GOOG) has rocketed to another new all-time high today at 764.37, which is 2.4% above the upper trendline of the channel from the October 2011 low at 480.60.

This should be about the maximum upper channel "overshoot" allowable prior to a reversal that presses the price structure back beneath the upper-channel line, now in the vicinity of 747.

If no reversal is forthcoming prior to GOOG exceeding the upper boundary by 3% or more, then we have to reorient our target zone projection towards the 812-818 area for the next likely intermediate-term high in GOOG.

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