Amazon is completing a toppish ascending wedge on declining volume and momentum. The stock has completed a 5 impulsive Elliot waves count and reached some important long term Fibonacci targets.
Minimum downside potential to the 23.6% retracement near the trendline linking the lows since 2014, around $600.
A break below $755 would increase our confidence for more downside while a break above the recent all time high of $790 would reduce our conviction.
Minimum downside potential to the 23.6% retracement near the trendline linking the lows since 2014, around $600.
A break below $755 would increase our confidence for more downside while a break above the recent all time high of $790 would reduce our conviction.
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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.