Before we get into the subject, Alphabet, Inc. is a holding company and engages in acquisition & operation of different companies and operates through the Google and Other Bets segments. The Google segment includes Internet products such as the Google Search engine, Google Ads, Google Commerce, Google Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play as well as hardware products, such as Chromecast, Chromebooks and the well known Nexus Smartphones. Other Bets segment includes businesses such as Access or Google Fiber, Calico, Nest, Verily, GV, Google Capital, X, and other initiatives. Alphabet Inc is headquartered in Mountain View, CA.

Google's (NASDAQ:GOOGL) presentation of the new version of its Operating System for Smartphone and Tablets is just a few days away. According to some tweets from a pair of well-connected Android reporters, the specific day for release should be August 21st where Android 8.0 (Oreo?) will be finally made publicly available.

Currently in Beta Version for Testers and Programmers, according to Google, the new Android 8.0 version is expected to deliver  many performance, security and user experience improvements over the latest Android Nougat 7.0 version introduced back in August, 2016. Those improvements should help Google with the overall mobile search segment which in combination with the YouTube platform are the main drivers of growth for Alphabet Inc.

In numbers, Google’s mobile search segment performed superbly this quarter. Total advertising revenue was spurred upwards by increased mobile search use. Worthy to note that both Android and IOS (Apple) devices use Google search as a default search engine and the increased usage of mobile devices over the last few years has resulted in Alphabet’s mobile search growth.

As of their latest quarter, there are now over 2 billion monthly active Android devices around the world and that number keeps increasing. Not only does this increase in users help mobile search growth but it helps their application store, Google Play to generate more revenue for the company.

When it comes to Google’s Stock analysis, price has been consolidating sideways since 6.5.2017, unable to break above the high of $1008.61 nor break below the low of $ 915.31. Possibly, investors are waiting for a catalyst - the announcement of Android 8.0 OS in a few days or if later, the presentation of the Google’s new Pixels Smartphones devices which is are in direct competition with Apple’s iPhones.

According to our proprietary system of equal legs extensions, the 3, 7 and 11 swings market sequence and Market Analysis via correlations, despite that GOOGL already reached the target of the equal legs for the cycle from 01.12.2015. We still believe that the stock can see new highs from current levels or at least a 3 wave bounce from lower against the yearly trend line below our Weekly Elliott Wave count which is calling for one more leg higher before the stock start to correct the cycle from 1.12.2017 at the $490.91 low.

In the shorter cycles, we are waiting to see GOOGL complete the consolidation from 6.5.2017 in waves ((iv)), ideally test the yearly supporting trend line, from there see a bounce and decide whether price will extend to new highs or do at least a 3 swing bounce before fail again. In either case, we expect the bounce against the trend line to create a Risk Free position and if the bounce fail to extend into new highs to get stopped at least break even.