AMZN | Wave Projection | Upcoming Fakeout Head & Shoulders
Price action and chart pattern trading:
> A possible ABC downtrend correction scenario with a upcoming fake breakout head & shoulders formation
> Key dynamic resistance EMA50W and EMA160W
> S Entry @ EMA50W and downtrend upper resistance zone
> TP1 @ 0.786 fibo extension +35%
> TP2 @ 1.0 fibo head & shoulders target +45%
> SL @ B-wave head position -15%
> Risk reward ratio: 2:1 and 3:1
> Indicator: RSI week bullish momentum supporting the uptrend resistance false breakout
Always trade with affordable risk and respect your stoploss, nothing 100%
> A possible ABC downtrend correction scenario with a upcoming fake breakout head & shoulders formation
> Key dynamic resistance EMA50W and EMA160W
> S Entry @ EMA50W and downtrend upper resistance zone
> TP1 @ 0.786 fibo extension +35%
> TP2 @ 1.0 fibo head & shoulders target +45%
> SL @ B-wave head position -15%
> Risk reward ratio: 2:1 and 3:1
> Indicator: RSI week bullish momentum supporting the uptrend resistance false breakout
Always trade with affordable risk and respect your stoploss, nothing 100%