Journal Entry: I think amazon is going to continue bullish. I don't have much to base this on but I did not see anything on the chart that is alarmingly bearish. The volume seems well balanced and efficiently pulling back and breaking out. the waves are fairly balanced, with only one wave that is well below the average of the rest. Based on these calculations which I have measured and supplied on the chart I am projecting that a rational price level for amazon to trade to could be anywhere from $9-$63, minimum for an indication that the trend is still strong. If this last wave falls shy of the average and the low then I consider the trend to be decelerating and could possibly enter a period of consolidation. God Bless.
