Daily chart of
AMZN
. As we can see here the chart is still in bearish territory as we sit below (45) on the RSI with last weeks hidden bearish divergence seemingly playing out. We have our bearish continuation pattern of the October double top @ 2000 being respected and now confirmation of new resistance at the 1800 mark. We have clear rejection of the golden ratio (.618) on our Fib @ 1799 and per Elliott Wave Theory , we are on leg (C) of the corrective wave which shall fall until we rest nicely around 1000-1100 level --- to revisit our present 200MA. We have entered a short this morning @ the open of 1638 and have a tight stop loss @ 1700. Short term target at 1485. Enjoy your weekend everybody. As always, BLOX CALLS TOPS!
AMZN
. As we can see here the chart is still in bearish territory as we sit below (45) on the RSI with last weeks hidden bearish divergence seemingly playing out. We have our bearish continuation pattern of the October double top @ 2000 being respected and now confirmation of new resistance at the 1800 mark. We have clear rejection of the golden ratio (.618) on our Fib @ 1799 and per Elliott Wave Theory , we are on leg (C) of the corrective wave which shall fall until we rest nicely around 1000-1100 level --- to revisit our present 200MA. We have entered a short this morning @ the open of 1638 and have a tight stop loss @ 1700. Short term target at 1485. Enjoy your weekend everybody. As always, BLOX CALLS TOPS!
Comment:
Also we realize there is a bull-flag that still has the potential to play only under the condition of a strong bounce with volume follow through @ the golden pocket which sits (1550) for the bulls, if this were to happen we could see a potential inverted head and shoulders reversal pattern develop. *Correction* on our first short term target is (1555) and second target (1485). Do not forget AMAZON is still in a bearish downtrend for now.