AMZN, VMW updates 09/14

AMZN: Clearly not yet doing what I thought it would do in my previous update of September 6 and IMHO it will count better if AMZN does a nice abc up to around 1010 for a classic 50% retrace of the prior intermediate-a wave, for a nice intermediate-b wave up, with a nice internal c=a relationship, possible up to c=1.382x a. It’s the price area where (pink) micro-3 and (green) minor-3 topped as well as the break down level in late-July. IF correct, then intermediate-c targets ideally anywhere between $860 to $770 with a sweet spot of around $830, which is around the common 1.236 to 1.382x extension of the prior a-wave.

AMZN DAILY

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VMW: Another technology ticker that is close to putting in an interim top; in this case intermediate-iii. The wave count starts to look complete, with possible 1 more pullback and advance, but that’s not necessary. Intermediate-iv should ideally fall back to ~$100 and maybe close the mid-August breakout gap, which is also strong support now (was prior resistance). It’s the classic 38.2% retrace level for a 4th wave too 🙂

Then I expect intermediate-v to reach ~$120 based on the 80/20 rule: a trade through 80 leads to the next higher 20. In this case VMW traded up to 112 and will then trade up to 120.

vmw daily