Amazon chart looks bad...

AMZN looks bad. It will most likely correct to the .618 Fib Level or go even down further to .786 Fib level where the price can find a nice support at the trendline.


rekt ^^
Sorry man but I don't see this ever happening. Not every overbought parabolic security follows the crypto eiffel tower chart pattern. This is an actual company with a strong track record of execution, not some hot new cryptocurrency everyone is piling into.

Also, any price prediction more than 12 months out is a meaningless dart throw in my opinion.
Marc_Cee Triple_Barrel_Capital
@Triple_Barrel_Capital, The Chart shows clearly that this stock went parabolic and already topped out. No investor or trader will go long on this without having completed a decent correction. It doesnt matter if its an actual company, this is just a normal market cycle :)
David_Scott Marc_Cee
@Marc_Cee, Devin apparently wasn't around during the 2000 bubble popping. Devin there are certainly events that could unfold to bring Amazon and other's into a full parabolic return to the mean. Not totally clear if it's going to happen or not...Santa Rally or not...there will be a mean reversion for many stocks like Amazon.
@David_Scott, the kind of "mean reversion" you're referring to is obviously possible, as anything is, but it's not something that will be predicted by the chart of one stock. It would be a deep overall market decline and economic collapse. Do you think someone charted out yahoo stock in 1999 and it foretold the dot-com bubble? Apparently you weren't around Dede...
+1 Reply
David_Scott Triple_Barrel_Capital
@Triple_Barrel_Capital, 100% agree with you. We're seeing large topping patterns over FAANG though...suggests we could come down further. That said I think macro factors are in favor of a rally into year end still. Despite the last two days of heavy selling. Longer term...there are macro factors in play that will probably revert the Nasdaq back to 3k or so within the next 12-24 months.
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