Volatile SetupAMZN is completing a B-wave and can still extend to 144-148. However, it has a strong pull down to the 126-135 range and will likely get hit to that zone and show some choppiness next week trying to breakdown the 125 level.
Above 125 is bullish territory if it can find support there, but under 125 is very bearish and will signal beginning of C wave.
I posted an idea a few weeks back with post earnings expectation of AMZN hitting 135-140 (linked post). The main point I wanted to get across in that post is that the end game here is a nasty C wave that will eventually take it down to 60. Ouch.
Updated targets given its earnings reaction:
- down from here (sell zone) to 127-131, then chop before breaking down 125
- Initial target 115 by mid September (could happen earlier if 125 breaks in coming week or 2)
- 2024 target is 60 where it will bottom.. needs to breakdown 109, 101, 94 and 80 as potential support levels on the way down