Amazon Update: Did we top?As you can see from the chart, we just barely poked above my target box / the 1.618 extension which is a very common endpoint for an ABC pattern. Another thing that gives me confidence we are in fact in a corrective pattern, MACD made its high during the A wave you see on the left side of the chart. If this was impulsive, we should have made a new high on MACD by now. Not to mention the choppy price action we have been seeing in this structure.
All this being said, we dropped 55.55% from the all-time high. Thats significant for a wave IV. As you can see, there is a turquoise (C) at the bottom middle of the chart suggesting wave IV is already complete, and we're headed up for our wave V. I find this unlikely given the state of the indices / overall health of the economy but not impossible. My main thesis is this raise from the $83 low has all been for wave ((B)) and we're about to head lower for ((C)). Should this be the case, we should drop with strength once we do top. The target for that drop will be the 1.0 extension @ $69.97...at the highest. Until we get some confirmation though, I can't say for certain. The structure of our next larger drop will give us our answers we seek.
