$AMZN: Bulls Can Play a 10% Bounce

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$AMZN #Elliott wave #long setup

We accurately nailed the completion of a five wave up rally in AMZN and predicted a large corrective (a) down, (b) up, (c) down structure of a wave (B) down:

AMZN weekly chart

AMZN dropped nicely to teh textbook 33.3% retracement of the preceding rally.

That level the first target for the first leg down in a wave (a). Note that price essentially came back down to the top of the wave (iii) up. That is 101 of the traditional technical analysis, price rturns to retest the previous top from above Bulls have a setup to produce a large corrective -a- up, -b- down, -c- up strcuture with a preliminary target of 50% retracement of the decline in a wave ( a ) down = 215.88.

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