With the market currently raging to the upside these patterns could fail, because AMZN moves mostly with the market. But something I've learned is the more harmonic patterns completing at or near the same PRZ, the higher probability of it playing out. We are right at the PRZ for the AB=CD pattern that started in July of 2010. We are also at the PRZ for the 3 Drives pattern as well. If it pushes a little higher it could still reverse at $310 where another AB=CD pattern will complete. So let's see how it plays out. I am quite bearish on quite a few of the big boys, the charts just look nasty.... So if trading countertrend isn't your thing then I suggest not taking any of the big dogs short.
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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.