NASDAQ:AMZN   AMAZON COM INC
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Amazon Price structure guess.

This should complete the wave count to 61.8% retrace on Amazon to 1K.
I have the 61.8% retrace at about $975, but 1K should be a psychological support and makes more sense to stop just above.


Jan 01
Comment: I moved the fib line to start at the last impulse down, which would be "b" at 1704.94

1.886 of that swing correlates closely with the .382 from the bottom of wave 4, to ATH. (61.8%) with the difference between the two being only $4.37.
This would make the target price $958.80

Jan 03
Comment: Looks like the second chart I posted has validated.
I'm expecting the sell off to continue to $958.80.

Meanwhile, I'm attempting to track the wave count on the 1 min. (for funsies).
I'm leaning towards a H&S setup that i have detailed below.
Whether or not it plays out like this, i'm excited to see what happens.
Keep in mind this is a 1 min chart, and this is more of a guess until i have more data.

Jan 09
Comment: Still bearish on Amazon.
Looks like a triangle wave as it nicely hit the .786 of wave c - d.
breaking the high at 1780 invalidates this count / idea. :)
GL & Happy trading.

Comments

Awesome wave count. Well done.
Reply
@gvoommen, Thanks!
I still have lots to learn. Looking good so far though.
Corrections are usually a lot harder to identify, but Amazons seem to have been fairly simple so far.
Would love to pick some up at $958 :)


+1 Reply
gvoommen SpiralGraph
@SpiralGraph, Great stuff!
Reply
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