Possible AMZN short setup
Hey guys,
I've been noticing that AMZN has been repeating the redistribution pattern it made leading up to its rally and subsequent dump in March of this year. Considering the fact that other market-moving names are doing similar things(AAPL, MSFT, NVDA), I am currently anticipating a rally up to the high 130's where I believe AMZN will top out and possibly head to the $80's. Mind you AMZN is still in a macro downtrend following a standard, year+ long Wyckoff distribution pattern and would be significantly overvalued at ~138/share. In short, if it does rally up to fill the previous gap, there would be little to suggest that it would not reject and head for new lows.
P.S.
Do take what I am saying with a grain of salt as I believe we're at the end of a market cycle(midst of a crash) and are in the process of redistributing before another leg down.
I've been noticing that AMZN has been repeating the redistribution pattern it made leading up to its rally and subsequent dump in March of this year. Considering the fact that other market-moving names are doing similar things(AAPL, MSFT, NVDA), I am currently anticipating a rally up to the high 130's where I believe AMZN will top out and possibly head to the $80's. Mind you AMZN is still in a macro downtrend following a standard, year+ long Wyckoff distribution pattern and would be significantly overvalued at ~138/share. In short, if it does rally up to fill the previous gap, there would be little to suggest that it would not reject and head for new lows.
P.S.
Do take what I am saying with a grain of salt as I believe we're at the end of a market cycle(midst of a crash) and are in the process of redistributing before another leg down.
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