$AMZN Has the Right Look

As with other instruments, $AMZN just has the right look for a 1-2, and so that is my primary count. If we struggle to advance beyond the high of minute (blue) 1, I will revert to the bear count, but I lean to the view that the market remains bullish here and that the panic aroused in the public by means of the Evergrande saga is just a way of forcing suitable volume into the market so that institutions can accumulate in size.

My target is the orange box above us for minute (blue) 3.


[UPDATE]: This no longer has a great “look” for a 1-2 pump. The pullbacks are too deep for my tastes, and the latest rally off the 10/4 low looks to be only in 3 waves, and I don’t like that. I am cancelling this call. I will need to monitor the price action from here for a bit prior to making another call.


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