AMZN
A game plan with patience helps with consistency! This still is playing out nicely and following my initial thoughts of seeing a 5 wave move down for an overall corrective wave 4 (blue “iv”) of the overall up move.
Looking like today is a corrective wave (4) within leg c down of this pattern. Again, I don’t like trading retrace waves, as you can see the market can toss you around pretty good and if doing options, say bye-bye to premium (another reason why I trade further out in time).
Still sticking to this game plan. I think we can still see a wave (5) down to the bigger demand zone around 2250. The primary demand zone, in green, is a gap fill zone but I’m not sure we will go that far as aligning with the fib levels, the 2250 area coincides right with the lesser degree wave 4 (#4 circled in white). With wave theory, corrections tend to retrace to a lesser degree wave 4. That aligns with fib retrace between .236 and .382 and ADDITIONALLY aligns with length of C down equal to 1x to 1.272x the length of A (yellow fib lines).
Game Plan: should see micro a - b - c wave for white wave (4). From there, I’ll watch to see if it drops for wave (5). From there, will look for price action (the 1 - 2 wave out) to start for wave “v” up (in blue).
.... please let me know if these are too long or if they are helpful! And feel free to ask or send me a message about anything, even if you completely disagree! Collaboration is always good!
Looking like today is a corrective wave (4) within leg c down of this pattern. Again, I don’t like trading retrace waves, as you can see the market can toss you around pretty good and if doing options, say bye-bye to premium (another reason why I trade further out in time).
Still sticking to this game plan. I think we can still see a wave (5) down to the bigger demand zone around 2250. The primary demand zone, in green, is a gap fill zone but I’m not sure we will go that far as aligning with the fib levels, the 2250 area coincides right with the lesser degree wave 4 (#4 circled in white). With wave theory, corrections tend to retrace to a lesser degree wave 4. That aligns with fib retrace between .236 and .382 and ADDITIONALLY aligns with length of C down equal to 1x to 1.272x the length of A (yellow fib lines).
Game Plan: should see micro a - b - c wave for white wave (4). From there, I’ll watch to see if it drops for wave (5). From there, will look for price action (the 1 - 2 wave out) to start for wave “v” up (in blue).
.... please let me know if these are too long or if they are helpful! And feel free to ask or send me a message about anything, even if you completely disagree! Collaboration is always good!
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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.