Amazon is at a crucial level on the price spectrum. Bounced from a clear support exactly into resistance. This bounce helped by an overall stock market rally.
Now we are at a critical zone, and in a no-trade area. It could drop from here into a wave 5 of downward Impulse. It may have finished an ABC correction and continue uptrend.
1729-1736 immediate resistance, break hints at "ABC correction done". 1824-1836 is decent resistance, very likely to pause the next leg up. 1898-1918 is strong resistance, highly unlikely to break for some time.
1672-1687 immediate support, break hints at "12345 Correction going". 1573-1588 is strong support, should cause serious bounce or reversal. 1472-1489 is Major support, hard to break unless Trade War catastrophe. .
See some of my other plots and trade calls below. I also plot Forex and Crypto, take a look at my profile page.
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
Awesome idea! Thanks for sharing! I was on the verge of a long but now I will watch the next few days for confirmation.
EuroMotif
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@bluevein, Hi, same here! (am looking to long it).
We had a market wide bounce today, so it is hard to say if Amazon in particular was showing strength.
But it was indeed at a perfect support zone to launch that bounce from, yet stopped exactly at next resistance...
So I will also wait to see which wave structure proves itself.....
Best of Luck on all your trades!
EuroMotif
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** OH, also per Elliott Wave "theory":
If wave 2 is deep, then w4 should be shallow.
If wave 2 is short in duration then w4 should take a longer time.
Thus I will be watching for any clues about wave 4 here, maybe it will consolidate between zones, pointing to w5 yet to come....