$GOOGL deep dive: down 12% after Q3 with Cloud up 103%. I think it's still a buy

$GOOGL fell 12% today to about $286 after Q3. Google Cloud more than doubled and the stock still got crushed. I think it's still a buy but I'm staging it.

Q3: revenue $127.6B (+25%) and a touch light. Cloud grew 103% to $30.7B with a 36% margin and a $561B backlog. Search grew only 12% to $63.4B vs about $64.9B expected. Adjusted EPS was $2.67 vs $3.02 expected.

I think it's a buy because the core business trades near 26x earnings while Cloud is compounding at triple digits. The risk is Search slowing faster than Cloud can carry the story.

Chart: price is near the 52 week low of $267.67 and RSI is deeply oversold. My Elliott read says the C wave is landing between $269 and $291.

My plan: buy a third here and add between $268 and $275. A close below $267 or Search growth under 10% flips me to hold. My Oct 27 call was early.

@Google @googlecloud @sundarpichai

Not financial advice.

The reset in two frames: Cloud up 103% vs the 12% drop and my Elliott levels ($269 to $291 C zone and $267 invalidation). Buying a third here and adding near $268 to $275 on $GOOGL. Not financial advice.

Sources: Alphabet Q2 2026 results, SEC 8 K Exhibit 99.1 Jul 22 2026 · Same release Alphabet IR PDF · Q2 2026 earnings call Cloud margin 35.6%, $514B backlog, Gemini app 950M MAU, capex guide $195B to $205B · Q2 2026 10 Q revenue note $513.9B Cloud backlog · Q1 2026 results and 10 Q equity gains added $2.35 to Q1 EPS; quarterly revenue, capex and FCF history · CNBC live updates, Jul 22

Not financial advice. For informational and educational purposes only.