Amazon.comLong
AMZN AB=CB
Amazon (AMZN) AB=CD Pattern Analysis
Current Price: $202.61 (-4.19%)
The 10D chart of AMZN highlights a potential AB=CD harmonic pattern forming, which could signal an important price move in the near future. Here’s the breakdown of the structure:
1. Leg AB:
• The initial bullish move (leg AB) set the stage for the current uptrend, with price moving sharply from the lows to a key resistance zone around $215.90.
2. Leg BC:
• A healthy pullback followed, creating leg BC. This retracement found support near critical moving averages, suggesting strength in the trend.
3. Leg CD (Projection):
• Based on the symmetry of the AB=CD harmonic pattern, the projected completion point for the CD leg aligns with the $270.92 resistance level. This confluence strengthens the case for a significant move toward this target.
4. Key Levels to Watch:
• Resistance at $215.90: AMZN needs to break this level decisively to confirm the continuation of leg CD.
• Support at $81.96: A failure to sustain the current uptrend could invalidate the pattern and lead to a retest of this major support level.
5. Bullish Implications:
• If the AB=CD pattern plays out, we could see AMZN rally toward $270.92, offering a strong reward-to-risk opportunity for traders.
6. Risk Management:
• The pattern is invalidated if AMZN breaks below the BC low, signaling a potential shift in market sentiment.
Takeaway: The AB=CD pattern on AMZN’s chart provides a clear roadmap for both bulls and bears. A confirmed breakout above $215.90 opens the door for a rally toward $270.92, but traders should remain cautious of invalidation signals.
What’s your perspective on this potential harmonic move? Are you preparing for the breakout?
Current Price: $202.61 (-4.19%)
The 10D chart of AMZN highlights a potential AB=CD harmonic pattern forming, which could signal an important price move in the near future. Here’s the breakdown of the structure:
1. Leg AB:
• The initial bullish move (leg AB) set the stage for the current uptrend, with price moving sharply from the lows to a key resistance zone around $215.90.
2. Leg BC:
• A healthy pullback followed, creating leg BC. This retracement found support near critical moving averages, suggesting strength in the trend.
3. Leg CD (Projection):
• Based on the symmetry of the AB=CD harmonic pattern, the projected completion point for the CD leg aligns with the $270.92 resistance level. This confluence strengthens the case for a significant move toward this target.
4. Key Levels to Watch:
• Resistance at $215.90: AMZN needs to break this level decisively to confirm the continuation of leg CD.
• Support at $81.96: A failure to sustain the current uptrend could invalidate the pattern and lead to a retest of this major support level.
5. Bullish Implications:
• If the AB=CD pattern plays out, we could see AMZN rally toward $270.92, offering a strong reward-to-risk opportunity for traders.
6. Risk Management:
• The pattern is invalidated if AMZN breaks below the BC low, signaling a potential shift in market sentiment.
Takeaway: The AB=CD pattern on AMZN’s chart provides a clear roadmap for both bulls and bears. A confirmed breakout above $215.90 opens the door for a rally toward $270.92, but traders should remain cautious of invalidation signals.
What’s your perspective on this potential harmonic move? Are you preparing for the breakout?
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