This is a trade setup for AMZN (Amazon) Nov 24, 2015 on the 30 day 1 minute chart…potential move is 18%-20% if it breaks this exact level.
Best case scenario: The W1 started at 623, travelled 5 waves up to 685 and corrected in a W2 to test previous 4 support at 659 (held 660)…now the rally off the lows..if it takes out 679, it could form a very large Wave 3…it would make sense since it fits within the longer term Aug bottom W1-W2-W3 scenario…800 could be hit by Jan or as early as late Dec very quickly based on this powerful formation. So I’d wait or place a stop to buy a 679 to setup this move.
Worst case scenario: Failure at 675 and a full C wave drop to test 618 support at 650. To prevent this scenario I’d simply wait until 786 breaks at 679 first before going gung ho here.
What I’d do: I’d go ALL IN At 679 if it breaks today as this is a 1-2-3 setup following the SPX And COMP.