Elliott Waves, B&C Labels

[mattgundersen]

Got a question about an Amazon 60 minute chart.

Typically when you see a B&C label, you draw a regression line from the B to the C. Then when price breaks the regression line or the MA(6/4), you enter the position. Great example below:



However, in this particular case, I've got a chart where the B&C labels fall on the same bar. What do you do in this scenario? Where is the entry point for the trade? At the low of the bar where the C is?

Thx.m.

[ACM]

Very quick answer would be to scale down the interval.

Having said that I would want to see why Get labels an ABC so the first thing I would suggest in the case of AMZN would be to go to the bigger picture (ie the Daily) and see what the wave count is there.
Frome there then I would scale down to the interval that gives me a clear count and a potential entry in the desired direction that has the lowest acceptable risk.
Just an opinion

Mind my asking instead what those red/blue little lines are?

Alex

[gspiker]

No fair, Alex stole my answer ;-)

[mattgundersen]

Thanks A&G. Give it enough time and the B/C changed to a 3/4/5...

Anyway, the Daily had completed a W4 and was heading upwards for a W5.