AMZN going down-a-dozenThere is strong negative divergence on the price and has very likely done a double top at $189 area. Ideally, if that double top is confirmed in the next one or two candles, then it should fall to at least the rising trend line. However, that rising trend line also is making the bearish flag pattern. So there is high likelihood that it will loose support of trend line, which if it does, should fall to the bearish flag pattern target of ~$119, which happens to be a strong support area. This would be the best point to buy Amazon! But that's if it follows those possibilities. Now as you would expect, it would not be a linear fall, but likely a 4-6 month thing, which time wise, aligns perfectly with end of year retail sparks. So if we end at that price point around Oct, I am going heavy in to this. Alternatively, all of this is bullshit, and price gets support earlier and has a change of trend, so watch for the support areas $174, $167, $156, $145 and $126. Time will tell, but in the very short term, price should be falling to one of the support areas.
