AMZN Charts Lower Peak on Daily Ahead of Quartelies

NASDAQ:AMZN   Amazon.com, Inc
The above chart shows the daily time frame for AMZN . Price action has charted a lower peak ahead of the company’s quarterly release. It seems it's at a tipping point in the short term. If price continues lower along the broken red line trajectory a lower trough will chart. This will put the company into a downtrend on the daily. The second possibility is that price locks in a higher trough near current levels and then moves higher along the broken green line trajectory. This will result in a higher trough followed by a higher peak, which is defined uptrend on the daily. Forward guidance will play a role here (we have already seen FB indicate a likely slowdown of revenue during the second half, which has alarmed)
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Down as much as $275 in the post market, last 3341 (-259), therefore 5 waves complete @ 3773.08 from 2881, it has already retraced 50% of the entire 5 waves in the post market, and certainly will be down substantially on the open, the NDX futures are down accordingly. The 61.8% is way down @ 3221.77, it could go there, wave 1 up top is at 3182.
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The action in AMZN is past 2 weeks of not taking out the all-time high 3773.08, the price action beforehand begged for a correction but the extent in 1 day is very dramatic, it is clear 5 waves are complete, and a correction of the entire move off 2881 is transpiring. It has already retraced more than 50%, 61.8% is @ 3221.77, the top of wave 1 up was 3182, the E wave of the triangle that thrust up was 2996, wave 2 of 3 was at 3133.10, if it retraces 61.8% and doesn't violate especially wave E low then the triangle is still intact and eventually may make a new all-time high. Similar to TSLA that thrust from a triangle wave E 379.11, had a major correction nearly $100 then proceeded to its' all-time high 900.40, but it didn't violate the E wave or come close. As for AMZN it is possible that 50% correction is done, and it's possible that a multi-year high was made especially if the triangle is broken that implies returning to wave A of base 2871 or lower. At today's low wave C (A= $273.92 (3773.08 to 3499.16)) well exceeded equality C=A @ 3438.16, if C= 1.618 x A then 3268.88 off wave B high 3712.08. These retracement levels are ballpark but sometimes accurate within $1-2.
Diversify by buying TSLA, COIN and Zillow (Z) those need to correct huge eventually. TSLA is becoming cheaper than January level. COIN and Z are ready to pop. It's worth accumulate these 3. As far AMZN , the second day, will give more insight to see where is heads. In the mean time, I know TSLA, COIN, and Z have to correct huge .
low though
thanks for sharing!
Thank you for the detailed review
Cheers, bro!