When the charts looked ugly it was a historic buying moment. Amzn fell to the classic fib levels and the sharp edges of the market stepped in.
When the set up looks juicey though... the herd rushes to pile in. Excited to see this one play out.
After a 40 year bull run we are seeing a significant counter trend movement. Sitting at .23 retrace, if this fails could we see .38 and the US10Y at 6% ?
.786 Fib price retracement on a growing business.
Modeling a conservative DCFV I see $135 as a good entry.
Now it looks juicy.
Geopolitical risk juxtaposed with growing middle class in a growing market.
looking to complete our 4th wave for with a golden pocket retrace of 3rd wave
short looks like a healthy return over a 1-2 week period
I believe we should see a new low. At least retest the lows
Would love to see some bullish divergence down there on the RSI
I'm encouraged by our volume levels. Spring always comes after winter...
This could be 5 waves down and showing signs of bullish divergence. However, my guess is that we get a relief rally up to the .5 fib and come down for a second retest of the bottom in a couple weeks when the virus is peaking in NY.
Is this the 3rd or 5th wave down?
Looking for a lower high on the RSI to confirm that the low is in.
I think we have 1 more wave down.
Completing abc of 4th wave now?
