It is quite overextended, and stochastic is showing we should turn the tide. The RSI is also very low support a case for a correction. The moon cycle has not changed as yet, but this is matter of time only.
For now we buy current level and take profit around $ 2,575 coming weeks.
@peterbokma, AMZN went into the gap left from 4/9/20 and bounced nicely, but didn't close the gap though it nicked the high of that day by nearly $5 at today's low. The NDX along with the other major indices rallied hard into the close, but fell short of the 61.8% of the latest decline by about 32 points, the DJIA did surpass by 12 points, and the SPX fell short by a mere fraction only 8 cents below. If this rally continues into the open then likely wave 3 of an ending diagonal ended at today's lows, that would portend a rally into or just slightly above the previous 4th wave then wave 5 down of an ending diagonal should commence to new lows. The Russell that foretold the decline, and has been the weakest, closed neutral on the day. What's missing here is the volume spike(s) indicating capitulation as was the case at the 2020 lows. The 10 day put/call ratio is at the levels made during the March 2020 and the December 2018 lows, and the percentage of new lows to highs. Still the bearish pattern seems to be incomplete, but a disproportionate rally well above the prior 4th wave would indicate a much larger advance.
peterbokma
⋅
@pechi123, thanks for the feedback and comments...very useful....thank you...tc
@jctenterprisellc, If it is ultimately about Wyckoff distribution, then the course should be like this: It could be, but we won't see that for a few weeks.