Counter Trend Bearish Bat Pattern in AMZN with Elliott Counts

From the last week AMZN             seemed to have ended its long lasting bearish move which started with a sharp decline from the start of 2014.

Let's start the analysis from the Weekly timeframe (the left chart):
- It had a sharp decline towards the 50% retracement of the previous bullish move in Primary degree.
Many thought of it as the end of the retracement and started to buy on dips when what now is labeled Wave B appeared to
be Wave 1.
- Then the Market decided that it still needs more resting. So it spent more time consolidating and refusing to make any
lower lows or higher highs.
- Finally it unfolded its last corrective move (Wave C) as a failed one to form a classic double bottom and also a deep
Gartley pattern .

Now let's move to the Daily timeframe to see more details about whats about to happen (the right chart):
- As you can see the C Wave turned out to be a failed one and got the shape of an Ending Diagonal .
- As with all Ending Diagonals we expected a sharp rally after its completion which is exactly what happened.
It broke the upper trendline and has rallied ever since.
- As the bias for any NASDAQ stock is bullish since their establishment and as we've already seen the 50% retracement
for the Primary Degree bullish move and also the Double Bottom as confirmation, We can expect this rally to be the start
of a new uptrend.
- As in any reversal, we start seeing new harmonic patterns forming.
From Bats to Butterflies, Crabs to Gartleys.
- Now from the Major High (2) down to Major Low (5) we've seen the bounce off by wave 1 of the new rally.
- Then after a small rest, the rally continued to go higher and approached the 88.6% retracement of the (2) to (5) bear move.
- I've marked the possible reversal zone in the chart just in the case we get there.
- If we get there, we're gonna be really careful and conservative with the targets since we're going counter trend
( bearish in a bull market)
- Of course the main harmonic patterns (and the more reliable one) have to form from Main Highs and Lows
(End of B to End of C) and we have to watch for when those form, also.
- And last but not least, we have a bull market on its minor 3rd Wave. So we will look for any reliable retracement to get long.

I will post a fresh idea as the market opens on Monday. It was just a heads up for what has been forming.
Would be happy to hear your suggestions and ideas regarding this Analysis.

Until next time.
Be happy. :)
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