After completing the Cup and Handle pattern fully, it looks to me as if we completed a full impulse wave 12345 with a ABC correction. This perception is also supported by the perfect fibonacci levels.
This suggests we are about to enter a new cycle. Since the Earnings report was incredibly bullish (25% sales growth, 49% earnings beat) and the surrounding news (new CEO from AMZN, new CFO from AMZN) is all very bullish, I expect another impulse wave to begin. We might have a flat correction in between first, but I don't expect too much downside.
The next movement I expect a 1 wave retesting 300, but getting rejected, retracing to 240-260. Then we will see the long 3rd wave, achieving a new ATH, finally in the region of 620. Before I expected this to go between 600 and 800, so this is a fairly conservative estimation. The wave 4 correction will take us back down to the 400s before pushing for the wave 5 to over 1k.
Important to note, that after this strong move upwards, we will see a triangle wave or running flat correction first, with 3-5 weeks of sideways trading. This will not invalidate the idea. Also another step backwards below 232 will not invalidate the idea, just change the numbers slightly.
I consider this idea failed if we drop below previous wave 1 which is around 180.
I'd like to see your zoomed out count and more specifically your corrective formation from March 10 to April 12... Needs to be accounted for in order for your wave 1 to start where it's starting.
baumulrich
⋅
@FlokiCrypto, those were included in my reviewed post. i also realised they are important