$AMZN Consolidation or Simple ABC
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.