How about AMZN!

AMZN may have made a bottom in October 2001, and then followed with a rally that retraced about 50% of its highs of the late 90's. A complete Elliott wave analysis from that bottom is presented here which suggests that a rally may have developed.

The target, if the count is correct, AMZN will be going to at least 58 shortly.



I would like to note that the corrective pattern seen since 2003 developed as a double three "d3", a common pattern that occurs in intermediate periods.


Clearly, that pattern is complete now, and a CRC on AMZN should be a good, intermediate term trade.

Last week, AMZN jumped more than 5% in price with >2x the normal volume, triggering the Sarmiento system. Considering the Elliott wave analysis and the nature of the news, I entered a CRC following earnings. This is the trade so far.



As usual, I tell you when I enter the trade for real or as a ficticious trade. This one is for real, so look at the confirmation from OX.



For those of you with a fundamental approach to trading, yes, my system requires a fundamental catalyst. Take a look at the news of the day and see if the rally to come would be justifired.

http://finance.yahoo.com/q/h?s=AMZN&t=2005-07-27