Amazon.comLong
Amazon amazing set up
Updated
Hello guys, hopefully you all traders are surviving this painful 2022. Well done if you survived , otherwise learn and move on. At the end, you will make it one day.
Ok let's jump to the chart
if you know me, Long term fib retracement in red, weekly in blue and daily in Pink.
What did I do, I took the high and low from 2020, everyone likes to refer to pre-pandemic so let's consider that's the low we are targeting which is 2085 (78% retracement)
Where are we today 2185, 100 dollars difference (05/09/2022)
Weekly in blue and we are in full 100% retracement from high to low to high ( 2315 - 2015) is a buying area but mind it that's 300 dollars range. but today we are at 2185 which is closer to weekly 127% extension
Then there is a 100% retracement from March 29th , we are exactly at 100% retracement and also confluence with a trendline from 2019.
Everything says me that this is a BUY if we want to take a risk of 100 dollars from here which 78% monthly retracement.
And if you don't want to expose yourself to amazon directly then you have an option to go with QQQ or SPY as well. When amazon moves, indices move the same direction.
If my idea gets confirmed this week, I will follow up with the target, let's consider a minimum target of 2500 area which is 23% of entire weekly fib movement.
Good luck, let me know if you think otherwise. Thank you for your time.
Ok let's jump to the chart
if you know me, Long term fib retracement in red, weekly in blue and daily in Pink.
What did I do, I took the high and low from 2020, everyone likes to refer to pre-pandemic so let's consider that's the low we are targeting which is 2085 (78% retracement)
Where are we today 2185, 100 dollars difference (05/09/2022)
Weekly in blue and we are in full 100% retracement from high to low to high ( 2315 - 2015) is a buying area but mind it that's 300 dollars range. but today we are at 2185 which is closer to weekly 127% extension
Then there is a 100% retracement from March 29th , we are exactly at 100% retracement and also confluence with a trendline from 2019.
Everything says me that this is a BUY if we want to take a risk of 100 dollars from here which 78% monthly retracement.
And if you don't want to expose yourself to amazon directly then you have an option to go with QQQ or SPY as well. When amazon moves, indices move the same direction.
If my idea gets confirmed this week, I will follow up with the target, let's consider a minimum target of 2500 area which is 23% of entire weekly fib movement.
Good luck, let me know if you think otherwise. Thank you for your time.
Note
The trendline is important because everyone is watching and hoping which means everyone will be wrong on that. I strongly believe a bounce within a range from 2085-2015. See the red fib level, very important, if you see price closing below that on a daily chart then you know that you are heading downwardsNote
It hasn't closed yet below 2085 and bounced from that area. Let's see what we have tomorrow. Good luckNote
This is fantastic, exactly bounced from 2015-2085 area. But now the bad news I have there is no divergence so I have my doubt on this bounce. So keep an eye on around 2400 area, if this breaks below 2085 and closes then you know the low is not in yet.
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Trading Crypto, Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight st
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