The bearish bat pattern on AMZN turned out to be absolute money as it retraced 100% of the pattern. If you weren't a wuss like me and took profit at at the .382 retrace but instead held all the way props to you.
Here's a chance to make some skrill on the way back up. Bounced from a bullish crab , again we're looking for that .382 retrace. Happens to line up with a convergence of TLs and support levels so makes sense that it would retest those. Accumulation was solid today. My only regret is that I didn't snag more calls at today's open.
Long term I dunno what to think about this stock... like all FANGs it's been acting a bit schizo lately. To me it looks like we're on the down leg of a diamond top and considering I'm bearish on the overall market I feel like it's going to lead the market on steeper correction... The fact their revenue growth has declined 5 quarters in a row and they've guided down twice makes me think it's crazy that it has any chance to rechallenge its ATHs.
However the indicators have been pretty strong lately and there's always that China trade thing so who the hell knows. My guess it's range bound between 1700-1600 until the market finds a direction. Great time to use harmonics and make some money off retraces.
Long until 1645...
Here's a chance to make some skrill on the way back up. Bounced from a bullish crab , again we're looking for that .382 retrace. Happens to line up with a convergence of TLs and support levels so makes sense that it would retest those. Accumulation was solid today. My only regret is that I didn't snag more calls at today's open.
Long term I dunno what to think about this stock... like all FANGs it's been acting a bit schizo lately. To me it looks like we're on the down leg of a diamond top and considering I'm bearish on the overall market I feel like it's going to lead the market on steeper correction... The fact their revenue growth has declined 5 quarters in a row and they've guided down twice makes me think it's crazy that it has any chance to rechallenge its ATHs.
However the indicators have been pretty strong lately and there's always that China trade thing so who the hell knows. My guess it's range bound between 1700-1600 until the market finds a direction. Great time to use harmonics and make some money off retraces.
Long until 1645...
Comment:
Closed long position... waiting for indices to challenge down channel before taking further action here.
