had some fun w/ $AMZN over @seeitmarket an Update
04/06/2017 – its been a while but did do an update for Andy and the gang @seeitmarket:
After this post, went and did a peak at the measured moves and compared the last one to musical notes. basically, the measured move extended base on the 12th root of 2 or 1.05946. the other method I used, taught to me by Michael Jenkins was a simple, yet powerful, projection technique using the “move down” to balance w/ the same move up (the purple arrows).
As one can see, it moved roughly 2 percent past the measured move target and we still do not have a SRC. Since the high candle started this week, we use the LOW of the high monthly candle as the “new” SRC base. That “new” SRC if looking for the short is 885.
Until we get a monthly or weekly close below 885 I would stay away from the short side. I relative terms, we are close to 1000 and in this euphoric and unrelenting bull market how cool would it be to hit 1000 / share for AMZN.