I don't know how many times during 2021 - 22 I heard AMZN will "save the market". I wish I had a penny for each time someone said that. As we all know AMZN didn't save the market. I heard it again yesterday and rolled my eyes.
Anyway. We have an erection (that we know is followed by a correction) right into a double top. (we also know a double top can either reverse right AT or slightly higher or lower from the previous top.)
That's all fine and dandy BUT! it's the macro that is telling the real story which I won't get into here.
Over the years I have been taught by the markets that when the macro and the charts are signing the same song it is the most powerful signal I should listen to. While nothing is perfect (as some pretend I must be) This chart is screaming to the bulls CAUTION!!!
Anyway. We have an erection (that we know is followed by a correction) right into a double top. (we also know a double top can either reverse right AT or slightly higher or lower from the previous top.)
That's all fine and dandy BUT! it's the macro that is telling the real story which I won't get into here.
Over the years I have been taught by the markets that when the macro and the charts are signing the same song it is the most powerful signal I should listen to. While nothing is perfect (as some pretend I must be) This chart is screaming to the bulls CAUTION!!!
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Those who chased AMZN are quickly finding out that wasn't such a good idea after all.
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I guess AMZN didn't "save the markets" again. Who would have guessed that?
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AMZN CRACK! As expected.
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Big Gap down today in AMZN as expected.
MAgic!
MAgic!
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AMZN is Knifing lower as expected.
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AMZN knifing lower. As expected.
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