Someone asked for a quick AMZN review so here’s a quick one.
Think we put in Wave iii up — lines up with 1.618 extension pretty well per my count. Based on my count, wave ii was a shallow retrace so ultimately I would really prefer to see a wave iv retrace go to at least 50%. The boxes in grey can represent some potential bounce zones to help establish the a - b - c wave down count. I don’t trade retrace waves, rather I follow along and watch price action as it enters respective fib Retracement levels. It’s the impulse wave up that you want to trade and use the retraces as confirmation.
So at .236; .382; or .5 levels, I’ll watch price action, SPECIFICALLY will be looking for a wave 1 - 2 to establish as wave “v” will be in 5 waves. This is where I wait. Watch price enter demand with some fib alignment, have a bounce out and then look for a healthy retrace with a higher low, indicating my 1 - 2 setup!
Think we put in Wave iii up — lines up with 1.618 extension pretty well per my count. Based on my count, wave ii was a shallow retrace so ultimately I would really prefer to see a wave iv retrace go to at least 50%. The boxes in grey can represent some potential bounce zones to help establish the a - b - c wave down count. I don’t trade retrace waves, rather I follow along and watch price action as it enters respective fib Retracement levels. It’s the impulse wave up that you want to trade and use the retraces as confirmation.
So at .236; .382; or .5 levels, I’ll watch price action, SPECIFICALLY will be looking for a wave 1 - 2 to establish as wave “v” will be in 5 waves. This is where I wait. Watch price enter demand with some fib alignment, have a bounce out and then look for a healthy retrace with a higher low, indicating my 1 - 2 setup!