I have been following the markets closely as most have and I wanted to share my thoughts on Amazon, and on the stock market.
Prior to our pull back with the entire stock market at the beginning of February, I was watching Amazon shares closely, monitoring it's bubble formation.
It was very clear to me that we would see a quick pull back at $1500 if we were nearing out topping for the bubble. And right on the dot, we did it. And so did the entire market stock market at the same time. It all fell.
Now, we have to say, where are we going from here? When I look at the formation for Amazon, we are approaching our bubble blow off top, which occurs at $1750. I assumed the DOW would rally up to 28,000 points along with Amazon, but it's not. There does not seem to be the overall recovery going on with the DOW. So, what do I think? Well, I don't think we can really measure the DOW at this point. It's not going to give us a real target. But I think Amazon will give us the clue.
BE PREPARED! Watch what Amazon does at $1750, and see what the rest of the market does.
Not ironic that this ruling occurred today, at the top!
So, it's a pride shot for sure. But, we all learn from mistakes. And, well, I'm feeling pretty confident I've solved the puzzle.
In the end, my fibs were incorrectly placed. I have been able to confirm their positioning now by placing a 0-1 fib over a 0-4.236.
The target was wrong all along. According to the fibs, the "exact" target is
$1890. Would I trust that to the dollar? No. I wouldn't. But I'd have these fibs drawn out, and be looking for strong signs of reversals at that point. It could come up short and never reach the target. With fibs drawn correctly, it's pretty obvious to many people, I"m sure.
I can also confirm that my count was wrong by the topping pattern. It was missing the final impulse with low volume, which we are now getting.
Best of luck to you all.
You are one character aren't you? When you're wrong, you vanish into oblivion, then return only when you think there is a chance to talk trash. Then once it goes the other way, you'll vanish all over again.