AMZN, TSLA July 18

AMZN: Very simple. Looks like major 1 of primary V or all of Primary V topped. We can count clean and clear 5 (red) waves up with wave v hitting exactly the 2.00x extension of wave i, from wave ii. Beautiful. Who said Fib-extensions don’t work, and why we always start off with standard fib-extensions. This is as standard as it gets. If major 1 only topped than major 2 should bottom at around $650-$680 (white box). If all of Primary V topped, which will only be confirmed with a trade below Primary IV at $474, then price will fall all the way back to $350-$275; hence plenty of opportunity by then to short it for those who’d like that.



TSLA: For the TSLA bears among us, here’s a rather scary alternative count. Primary II bottomed in February and Major 3 of Primary III is underway, with the first waves getting started. It’s our alternate view for now, but certainly possible, as price is back above the white descending trendline, while the (yellow) major b/1? advance sure looks impulsive. In addition, in february price retraced between 50-61.8% of the entire prior advance; typical for a 2nd wave. Not shown here, but the weekly charts are gearing up for a big move. A break above the b/1? high will confirm the bullish count, and price will go much and much higher. A break below the (yellow) 2? will be the first good indication that Primary II is still unfolding. Hence a wait and see approach for either long and shorts is advisable.