I have 3 different counts for AMZN for the upcoming weeks. This first one, shown above, has us just completed a triangle correction which means we should go up from here. If you decide to try and trade this I would set stoploss to the bottom of wave C, where I set the red line. If wave e goes below this line, then the triangle count is invalidated.
The next possible count has us going through more downside first which is the one I'm more leaning towards
Here we have AMZN doing a complex WXY correction with us currently in a wave C of Y. Prices should go to around the bottom of wave W if this count is right as complex corrections are sideways by nature.
The 3rd count is also a complex WXY correction but has a triangle in wave Y instead of a flat ABC as was shown i the 2nd count. Just like in the first count, if we break below the low that was shown with the red line, the count is invalidated
The next possible count has us going through more downside first which is the one I'm more leaning towards
The 3rd count is also a complex WXY correction but has a triangle in wave Y instead of a flat ABC as was shown i the 2nd count. Just like in the first count, if we break below the low that was shown with the red line, the count is invalidated
Trade active:
Entered an initial long position, SL: 2950