One scenario for Amazon. This current Wave C needs to complete before we can be sure this is a triangle. The alternative count would be a simpler ABC. How do we know which one it is? Once Wave C completes, we'll need to count whether there are 3 or 5 subwaves.
3 subwaves = Triangle consolidation
5 subwaves = ABC correction
In either scenario, the bottom of Wave C is a good long entry point for short term and longer term traders.
3 subwaves = Triangle consolidation
5 subwaves = ABC correction
In either scenario, the bottom of Wave C is a good long entry point for short term and longer term traders.