Amazon Update: This chart is full of contradictions
As the title suggests, this chart is not being friendly right now to say the least. I apologize for the messy graph, but there is so many possibilities right now it's ridiculous. The thing that is throwing me off, and making it hard to narrow down a count, is the MACD. The fact that it made a new high on 02 Feb really threw a wrench in things. Normally in a corrective count, the a wave should have the highest reading on MACD. Until that high, what I was calling the A wave did hold the highest reading. Hence the wrench.
Let's start by trying to simplify this thing. There are three main options for us to chose from.
White count - Price is topping in primary ((B)) wave
Turquoise ALT - Price is topping in wave 1 of larger V
Orange ALT - Price is in wave 3 of i and has a target of $187-$212
The white count is starting to become less and less likely IMO. MACD is the primary reason for this. It is suggesting Cycle wave IV completed on 05 Jan 2023, and is now suggesting we're in a new bull run with the recent high.
Turquoise count is supported by fib levels and somewhat MACD. I am leaning slightly towards the orange count vs this one.
Orange count gets most of its support from MACD. As I have said in the past, MACD usually gives the best hints as to where price has intentions of going. It's no sure-fire thing as no one indicator is. It has been more accurate & insightful than any other indicator that I have used though. If this count is correct, then it suggests we're in a mini-wave 3 of i with a couple smaller 4's & 5's yet to come inching us up to the orange target box. We would then start a wave ii retrace to the $130-$150 area.
As said above, the Amazon chart is very messy right now and not one I am willing to put my resources towards. If you're currently trading it, just make sure you have your stops set to protect your assets. If something crazy happens I will update again soon, but if not than it won't be until next week when I have more data that I will make a post on it again.
P.S: There is no clear winner as of now between the orange and yellow fibs.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
Let's start by trying to simplify this thing. There are three main options for us to chose from.
White count - Price is topping in primary ((B)) wave
Turquoise ALT - Price is topping in wave 1 of larger V
Orange ALT - Price is in wave 3 of i and has a target of $187-$212
The white count is starting to become less and less likely IMO. MACD is the primary reason for this. It is suggesting Cycle wave IV completed on 05 Jan 2023, and is now suggesting we're in a new bull run with the recent high.
Turquoise count is supported by fib levels and somewhat MACD. I am leaning slightly towards the orange count vs this one.
Orange count gets most of its support from MACD. As I have said in the past, MACD usually gives the best hints as to where price has intentions of going. It's no sure-fire thing as no one indicator is. It has been more accurate & insightful than any other indicator that I have used though. If this count is correct, then it suggests we're in a mini-wave 3 of i with a couple smaller 4's & 5's yet to come inching us up to the orange target box. We would then start a wave ii retrace to the $130-$150 area.
As said above, the Amazon chart is very messy right now and not one I am willing to put my resources towards. If you're currently trading it, just make sure you have your stops set to protect your assets. If something crazy happens I will update again soon, but if not than it won't be until next week when I have more data that I will make a post on it again.
P.S: There is no clear winner as of now between the orange and yellow fibs.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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