I have been stalking NASDAQ:AMZN share prices for months now watching as it retraced from the All Time High down to a full 50% Retracement from the All Time Low. This is a pretty epic pullback level that took decades to create.
The 6 month downtrend from 146 > 81 created its own 50% Retracement at 114 as Resistance. February earnings popped to this level and confirmed it. As the January bull run fades AMZN comes back again to test the broader level.
Even as we drill lower to the intraday timeframe we can see the 50% Retracements begin to setup. The volatility around today's FOMC minutes shows respect for the level. This sets up a low risk opportunity to play the decadal Support.
This thing is going down. In 2018 it dropped 35% because FED raised rates to 2.4%, before cutting again. The FED's target now will soon reach 6% and amazon will bleed cash. It's a big bubble even at these levels. In 2000 bubble crash, Amazon dropped 95%. Guess what the FED's fund rate was back then? 6.5% LOL... Anyway, I will personally start accumulating around 20$ for this name. With that being said I think we will bottom out late this year, early next year.
@Isabella78, Talking to unexperienced investors like yourself and the rest of you who live in a fairytale thinking stocks should go up forever, makes me realize even more how easy it is for wall street to take your money again and again.. I'm truly sorry none of you want to listen.
mattyghost1
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Looks like a head n shoulders pattern
financialfreedomgoals101
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Still a long way before forming a bullish pattern? :(