I do believe that there will be some upside here… Yesterday’s reversal candle, and with followthrough today and tomorrow could send AMZN up to fill that gap… up to about 2900…
Though I don’t believe the market is done falling as that may take many many more months and possibly years, I do think there’s a good relief rally brewing here before the next move down in the overall market…
AMZN is starting to look like a buy and I’ll likely start accumulating shares/selling some puts later this week… I just want to see some follow through on that reversal candle… Just need a little more confirmation and then looking for a 16-20% move…
Which is your aproximate timeframe for the 2900 target? Thanks :)
Wudor
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after todays bloodbath, consolidation around 2400 is a good sign. I thought we would hit 2200 today but looks like we are in a demand-zone here. all we need is a bullish wind, it will take us back to 2700 and then 2900.
ShortSeller76
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Agree. Likely a fed rally tomorrow. Bear markets take months to years to play out with many violent rallies inbetween. Curious how far out do you generally buy options?