Amazon (AMZN) hit my initial target of 353 for wave iii of the larger diagonal to be complete, but on a smaller scale it has room to extend a little more from the 350s to hit the trend line now floating between 375-380 through next week.
But then I expect a bigger drop back toward 300. The quicker the better on that because ideally it is a sharp zig-zag, and while it has no chance of breaking into wave i, if it is staying inside the sharply rising trend lines, it should at least try and touch the bottom.
Amazon is one of a number of retail names that are starting to confirm pretty significant bottoms to which should line up well for a holiday shopping spree.
Originally published on ElliottWaveTrader.net, by Zachary Mannes.