I was asked to show my long term count for Amazon.com as the top seen at 1,083 only was viewed as a wave 3 top. This means that the ongoing correction "only" is wave 4.
The Elliott Wave Principle says that wave 2 and 4 should alternate in structure. As wave 2 was deep - It corrected 61.8% of wave 1 - That indicates wave 4 should relatively shallow and not correct more than 38.2% of wave 3. Wave 2 was relatively simple in its structure, indicating that wave 4 should be complex and be either a flat or a triangle construction.
Once this ongoing wave 4 correction is complete, we should look for a new impulsive rally in wave 5 to complete wave III higher from 5.51.
The Elliott Wave Principle says that wave 2 and 4 should alternate in structure. As wave 2 was deep - It corrected 61.8% of wave 1 - That indicates wave 4 should relatively shallow and not correct more than 38.2% of wave 3. Wave 2 was relatively simple in its structure, indicating that wave 4 should be complex and be either a flat or a triangle construction.
Once this ongoing wave 4 correction is complete, we should look for a new impulsive rally in wave 5 to complete wave III higher from 5.51.
