[AMZN] update

At the backlink I was looking for one more small wave down to maybe $480. 



However, with more time over the weekend to look at it, I think that 3 or C was put in on last Friday.  So we should not BOLO a move to the $540 level which does not, at the same time break up into $550.  I will say that what I have marked as 1 or A might be B of 2 or B (i.e. expanded flat) and if that is the case then the bounce could go as high as $565 without red 4 going back into the region of red 1.

I also want to point out that wave 1 tested the breakdown but it took wave 3 of 3 to smash the lower rail.



So we are now going to find out if the pullback from the peak has been corrective or motive.  I am on record in the last post as saying that shorts should cover into 5 of 3 or 5 of C because we don't know which it is going to be at this point.  So now we wait to see how the bounce will play out.