The rejection on AMZN at $83 looks really interesting to me. Each time we hit a major Support area with fear in the markets (show by the red bars below the candle sticks). We have pretty violent reaction the short term trend. To build enough momentum to break through $83 down to $70, I'm looking for a pull back at the levels we're at now to at least $105 (assuming we continue to respect the trendline).
Not ignoring the fact that last time were at these levels we did have a consolidation period for about 3 months give or take. I'm looking to give about 8% SL slack, just to account for the wicks. But remember we don't close unless price CLOSES below the SL.
Once we come back to test the trendline again I'm riding back down to $70.
Please feel free to DM me on here or leave a comment if you have any questions about the analysis.
And remember
BULLS MAKE MONEY
BEARS MAKE MONEY
BUT PIGS GET SLAUGHTERED!
Not ignoring the fact that last time were at these levels we did have a consolidation period for about 3 months give or take. I'm looking to give about 8% SL slack, just to account for the wicks. But remember we don't close unless price CLOSES below the SL.
Once we come back to test the trendline again I'm riding back down to $70.
Please feel free to DM me on here or leave a comment if you have any questions about the analysis.
And remember
BULLS MAKE MONEY
BEARS MAKE MONEY
BUT PIGS GET SLAUGHTERED!