AMZN looks like it could have just completed a WXY correction. A WXY correction is a 3 wave complex correction that is sideways by nature. A complex correction means that each leg of the correction can be broken down into a simple EW pattern. As we can see, our wave W is comprised of a zigzag abc correction, our wave X is a double zigzag correction, and our wave Y is a regular flat ABC. AMZN has been sideways as well which also helps to confirm the WXY. I entered a long position earlier this morning at 3040. DXY looks to be coming back down, and indices looked to have completed a WXY correction down which is all bullish signals for the market. I expect this WXY on AMZN to be a wave 4 and us to have a 5th wave up, bringing us to significant new highs in Q2 of 2021.
Comment:
Looking great so far, going as expected:
