Earnings pushed Amazon to complete bearish Butterfly
Last week, AMAZON's earnings resulted with a huge rally, exploding $AMZN into the PRZ of a bearish Butterfly I've been monitoring.
My pre-earnings setup was bullish with anticipation that the price will complete the pattern and create a bearish opportunity I've been waiting for since August's low.
The first target of this setup is 550-560$. The top of the broadening weekly pattern.
Then.. if $AMZN will decline lower, it'll pave the way to deeper retracement levels like 500$ and 450$ and it will create a weekly False Breakout to the weekly pattern
Tomer, themarketzone.net
This analysis is part of the Weekly Markets Analysis newsletters
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My pre-earnings setup was bullish with anticipation that the price will complete the pattern and create a bearish opportunity I've been waiting for since August's low.
The first target of this setup is 550-560$. The top of the broadening weekly pattern.
Then.. if $AMZN will decline lower, it'll pave the way to deeper retracement levels like 500$ and 450$ and it will create a weekly False Breakout to the weekly pattern
Tomer, themarketzone.net
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews - goo.gl/D5Q1mO
To subscribe to the newsletters - goo.gl/JfOLoR
Comment:
Pullback is now close to the top of the PRZ. Pattern is being tested now. Weekly close will determine the validity of this setup
