The Amazon weekly chart is stillin wave 3 and needs to trade down to 50 just to equal the first wave - but afterall wave 3 has a steeper magnitude and should even test 40 within another 6 months. Amazon is anyway an expensive stock and, if you want to be short stocks, this should be on the radar screen.
Markets turned lower today after opening higher, confirming our assumption that wave 4 might be over already. Another attempt might come tomorrow to the upside or basically this week but its quite obvious that the short covering rally is running out of steam. We get some major companies reporting after close INTC and before market open tomorrow JPM and WFC, which might have a short-term impact but basically we need to go down once more into early Nov. On Bloomberg, they came up with a statistic that says after record 1 day rallies of yesterday's magnitude markets were always lower 6 months later - if that does help us at all I do not know but basically I would agree from a technical point of view.
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