AMAZON is trading in an uptrend and is climbing even despite the SPY falling
However,the stock is approaching it's all-time-high levels
Which acts a strong resistance, that was tested multiple times
That makes me locally , and I am expecting a correction
Limited by the rising support line
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But I see what you're saying. If this is distribution, where are we headed? I've been getting into PnF counting for price targets and while I don't trust them yet, I've been surprised by how remarkably close they are. If this is the peak and it's downhill from here, the PnF chart gives a PT of about 1750. There's a spike in put prices between 1800 and 1830 so this may be realistic.
TLDR: AMZN PNF range is 1748-1793.