Highs made on open or within first 5 minutes not broken in first half hour usually means a reversal, that's what we have here in AMZN past 2 days. The minute open high today is 3217.34, minus $137 equals 3080 area, low so far is 3083.98. Thursday's minute open high was 3307.22 and the low is 3170.55 rounded to $137. Though 3090 was the low of wave E in the triangle that propelled it to 3552.25, the base is at 2888. A triangle is a terminal thrust, when it's over it retraces to its' origin which in this case is somewhere between 2888 (4th wave low) and 3090. We are potentially at or near a bottom of wave 4. The VIX, VXN and their various instruments all peaked last Friday and are down 35-31% even now as new lows made in stock indices there was barely a brief marginal uptick in volatility that probably translates that were are at or close to the end of a correction.
cemayvaz
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I am a newbie in trading.I was long on AMZN (@3296) and have been carrying my loss from yesterday to date. Thank to your guidance via this analysis in the right moment, I have saved my assets from a(nother) major loss and sold my 7 AMZN stocks (@3185). Once I earn some money, I shall donate a small amount to you as a token of my appreciation. Thank you very much for leading me to the right direction.
hinikaharpavat
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Nice analysis with detailed explanation!
PolarHusk
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NiceJobToday
SamSzulc
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Penetrating resistance at 3217.34 will be first sign a bottom is in place but more importantly is yesterday's opening high (don't blink because I never saw it though they printed) @ 3307.22 would be constructive to a bullish case.