Amazon (AMZN) looking tired, good risk-reward on the short side.
Amazon is completing a toppish ascending wedge on declining volume and momentum. The stock has completed a 5 impulsive Elliot waves count and reached some important long term Fibonacci targets.
Minimum downside potential to the 23.6% retracement near the trendline linking the lows since 2014, around $600.
A break below $755 would increase our confidence for more downside while a break above the recent all time high of $790 would reduce our conviction.
Minimum downside potential to the 23.6% retracement near the trendline linking the lows since 2014, around $600.
A break below $755 would increase our confidence for more downside while a break above the recent all time high of $790 would reduce our conviction.