Short

Amazon has Gaps to fill, Short

Updated

2 less than inspiring earnings reports back to back, rising tension in the heart of supply chain, and technicals indicate price is hitting its head. There could be another run up, but I think AMZN has reached the turning point. Time to come down at least to fill those CME gaps. I have lower technical targets for the crab that line up nicely with the low and would definitely look to cash out IF we hit that pandemic low.

Note

Price came up briefly above the 0.618 as projected, and has now filled the CME gap at Target 1. Profits taken and stop loss moved to just below entry, now 50% out of trade. Next target is just below the previous low for a liquidity run, will likely take out 30% there if we reach it and leave the last 20% to find the bottom.

Note

As long as futures remains around $90 when market opens tomorrow morning, target 2 will finally get hit. Thanks for waiting with me.

Exit-Strategy

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.