Here is my case for additional (and quick) weakness on AMZN.
1. AMZN broke the PSAR below and jumped up as expected to retry and retain the trend to upside. However, PSAR from above (now resistance) has been tough to crack for last 3 days. This is bad news. It means it will fall from here very quickly.
2. The cRSI indicators are bullish in a very bearish setting. The bullish aspect represent the jump in the last few weeks, which likely appears to be finished. I am expecting the RSI to get into the "bollinger" signaling a move down.
1. AMZN broke the PSAR below and jumped up as expected to retry and retain the trend to upside. However, PSAR from above (now resistance) has been tough to crack for last 3 days. This is bad news. It means it will fall from here very quickly.
2. The cRSI indicators are bullish in a very bearish setting. The bullish aspect represent the jump in the last few weeks, which likely appears to be finished. I am expecting the RSI to get into the "bollinger" signaling a move down.
Comment:
Well...it is getting from bad to worse. AMZN at the tip from where we are likely to see a huge fall straight down. To prove me wrong, mkt will have to spend enormous amounts of money and volume to pull AMZN out the brink of disaster.
