AMZN recently found resistance at the 38.2% Fib (which was at $55.50 of the most recent swing down (from July).

I don’t understand your last question. We just recently experienced the pullback that may have found key resistance at the 38.2% retracement at $55.50. If that’s the case, then we resume a move down in the direction of the prevailing trend.

I have a function I created in TradeStation that looks at the timeperiod ATR and divides it by the stock price to compare volatility. It’s not enough to scan for large ATR values, we need to divide it by the price to compare across securities. This is easily programmed in TS but you can also compare high beta stocks and run calculations through Excel.

I would argue that random moves are more likely in individual stocks (trading intraday, not overnight, that is) than in the mini-index futures. True, the futures are more leveraged than stocks though, so that needs to be factored in.

How should we go about finding the ideal stock for day trading, instead of Eminis?

Using capital for trading a stock, instead of leveraging with Eminis, should also reduce risk, as we will not be forced to close a position, due to a random move against us.

Please, your thoughts on this?

I’m making rough estimations, but it would correspond more specifically to the $33 or so per share breakdown of the rising lower trendline (of the flag) when price broke to the downside, thus setting in a price projection target for a Bear Flag or Measured Move pattern, which expects an “equal move” of the prior down-impulse, which is then subtracted from the price breakout point near $33 per share.

I’ve tried to tackle the Elliott Count on gold and found I should probably leave it to experts, as we’re likely in a complex corrective wave currently in the midst of a larger Wave 4 down (which may be completing) on the very large time frames… meaning large Wave 5 is yet to come.

All of those things you mentioned indeed point to a bullish bias in gold, combine that with fundamentals/news meaning all the economic uncertainty (and weakening US Dollar) should boost gold prices much higher.

Why gold hasn’t surged yet remains a mystery to many traders, but it may seem we have renewed bullishness in gold prices in the short and perhaps even long-term now.

By the way, gold officially confirmed an uptrend on the daily chart, which is a major – though often overlooked – structural point. Of course, that was your #1 point so good work!

(2) The EMA structure of 20 day above 50 day on the daily chart is intact .

(3) Price is above the 200 day EMA as of today .

(4) P & F target of 1000 on GOLD .
(5) Momemtum made a new high on daily chart and broke the down trend line on weekly chart
(6) GLD making UP days on higher volume and DOWN days on lower volume .

Do all the above point a bullish picture on GOLD ? If so could you please explain where exactly are we located with respect to the elliot wave theory ?
regards
Vasu