this is one of those cases where you wait for targets to be reached as they create divergences and complete elliot waves.i have reason to believe amazon will reach another lower low longterm. im reading this as a potential ABC correction. we could be off to the races from here and make new highs with the daily rsi divergence that we have but you cant just ignore the fact that we put in 5 elliot waves down. without a clear ABC correction im viewing this as a temporary bounce to the 78.6 or double top before we head lower. im judging this off the deathcross on the 4hr chart(yellow 55 ema crossed the white 200 ema). price action has also fallen below the 200 ema on the daily chart as well. thats not good for bulls. will we see follow through on the bullish side? my lower target has us hitting the 200 ema on the weekly chart. thats about $1200. we can never ignore the lower targets no matter how bullish you are. the charts are unforgiving.
im all about probabilities and so i have more factors pointing to a temporary bounce with a lower low in the making.i didnt catch the bounce here because i was trading IQ .i did post that chart as well.i hope you guys got in on that trade with me.
i hope this chart helps you make some sense of these price swings
rigo
im all about probabilities and so i have more factors pointing to a temporary bounce with a lower low in the making.i didnt catch the bounce here because i was trading IQ .i did post that chart as well.i hope you guys got in on that trade with me.
i hope this chart helps you make some sense of these price swings
rigo