I don't have a bias, just looking what message market has sent and potential outcomes. Bottom-line on a monthly chart basis, an all-time high was made mid July within the 3 trading day's of mid-month, and especially first 3 trading days of month important highs and lows are often made. So far August low is lower than July low from a month an all-time high was made, there is a large gap down that looms in this issue. Since then its' been in a tight range (3388.88-3299.77) that could be price compression, it'll probably lead to a big move either up or down. AMZN has already retraced over 50% from 2881 to 3773.08 rally that was a reverse Fibonacci multiple target of 1.382, the 61.8% of that rally is around 3269, if a low is made mid-month and there is an impulsive move in 5 waves off that low that closes the gap, then August may be salvaged from a double close (monthly) outside bar combination that would be a bearish formation. If a low first 3 trading days of September there is another opportunity for reversal on a monthly bar level only if September reverses the 2 prior negative bars. It's possible that the NDX is at the beginning of a big 3rd wave up, if AMZN is bullish then its' sails must carry along with the index it is a major component of. The recent high readings of put/call ratio, and recent all-time high in SKEW (though now under still relatively high end), and drop in VIX and VXN from 7/19 highs all point to continuation of bull market.
UnknownUnicorn7245819
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The gap will be filled soon, probably in the next 2 weeks.