AMZN - Have we reached the top?
Updated
Labeled some key levels of significance and used a fib retracement chart to estimate landing zones.
Prior mini-tops retraced to about the .5 fib level. The larger cycle correction could also obey this level but may drag lower to the .618 range, which is why I gave a range for where the price could land.
~1600 is a key level of significance, if it breaks we will be going much lower.
The real question is, can amazon reach ATH? Watch the volume carefully when we have the bounce back up. Should be good indicator for remaining bull strength.
Prior mini-tops retraced to about the .5 fib level. The larger cycle correction could also obey this level but may drag lower to the .618 range, which is why I gave a range for where the price could land.
~1600 is a key level of significance, if it breaks we will be going much lower.
The real question is, can amazon reach ATH? Watch the volume carefully when we have the bounce back up. Should be good indicator for remaining bull strength.
Note
Edit: prior mini-corrections typically retrace to .618. The larger cycle level correction could drag it around the .5 range.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.