A member has requested an update on $AMZN, and it’s a great example of what bears don’t want to see here. Much like how $AAPL has the look merely of a correction (discussed here) so too, does Amazon’s decline. The diagonal (red structure) going up was fine for bears, so long as that was the c-leg of a correction (discussed here). But instead of getting a deep, impulsive sell, the first leg was a clear 3-swing move with a triangle in the middle of it (that’s the minute [blue] a-wave), and then the second drop barely took out the low of the first drop. That’s just not an impulsive structure to the downside. The second drop (if impulsing down) should have been a 3rd wave and should have been tremendous.
So, now it looks like a 1-2 pump to the upside, and gives us a target for the 3rd wave in the orange box above.
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