AMZN at $4000 In the Short Term
Good morning traders! Today we want to show you this awesome chart that we were analyzing this morning to look for a bullish opportunity.
🔸To analyze this situation, the timeframe that provides the most information is the Weekly chart.
🔸As we can see, during this year, this stock had a rise of more than 100%, to then begin a correction of approximately 20% from all-time highs four months ago.
🔸Since then, there was no clear macro direction (of course, in smaller timeframes, the range could have been traded).
🔸If we analyze the corrective process, we can conclude that in general terms it is a symmetric triangle formed by 5 ABCDE waves. We consider that the triangle may already be finished, or that it lacks an extra wave, as it is compressing more and more.
🔸We are not going to get involved in this trade until there is a breakout to the upside.
🔸The first target we consider is the Fibonacci projection of the momentum before the correction, which is about 30% move up to $ 4069.
🔸To analyze this situation, the timeframe that provides the most information is the Weekly chart.
🔸As we can see, during this year, this stock had a rise of more than 100%, to then begin a correction of approximately 20% from all-time highs four months ago.
🔸Since then, there was no clear macro direction (of course, in smaller timeframes, the range could have been traded).
🔸If we analyze the corrective process, we can conclude that in general terms it is a symmetric triangle formed by 5 ABCDE waves. We consider that the triangle may already be finished, or that it lacks an extra wave, as it is compressing more and more.
🔸We are not going to get involved in this trade until there is a breakout to the upside.
🔸The first target we consider is the Fibonacci projection of the momentum before the correction, which is about 30% move up to $ 4069.
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