amzn practice analysis
Hey Eric StockDweebs I was trying to use the principles you taught to see if I could analyze Amazon to see where it is in the uptrend. Here are my thoughts:
It is obviously bullish all the short term EMAs are above the 200 EMA. Every time it dips it bounces off the shorter term EMAs. My stochastic RSI has remained above the 30 level for a while showing it has been neutral or over bought.
I measured 1 to 2 retraction and I see the .618 you talk about using the Fib tool.
I measured the dip after what seems to be the big 3 push and can't seem to place the .382 exactly but it appears close. I also measured the height of 3 and it is 1.618 (the 161.8% extension) which seems to check the box.
So if the analysis I did shows we may have completed the 5th wave what happens next? You say to sell the whole position but in this case AMZN shows no sign of weakness when it comes to using the EMAs for support in the uptrend. You mention that this whole sequence 1-5 could be the actual wave 1 in a larger sequence so should we be expecting a large 61.8 correction at this point or am I not viewing that correctly?
Amazon appears very healthy much like RH but in other cases like CRWD would you say we passed the sell point? We should be selling when price movement drops below the EMAs correct? Which EMA should we use for the trigger in this case? As the longer term ones will take longer to cross usually.
Thank you so much for all your amazing tutorials and the awesome stock picks! I can't wait to see what you have to say every day and I love that you genuinely care for your followers and want to see us all succeed! Keep up the amazing work!
It is obviously bullish all the short term EMAs are above the 200 EMA. Every time it dips it bounces off the shorter term EMAs. My stochastic RSI has remained above the 30 level for a while showing it has been neutral or over bought.
I measured 1 to 2 retraction and I see the .618 you talk about using the Fib tool.
I measured the dip after what seems to be the big 3 push and can't seem to place the .382 exactly but it appears close. I also measured the height of 3 and it is 1.618 (the 161.8% extension) which seems to check the box.
So if the analysis I did shows we may have completed the 5th wave what happens next? You say to sell the whole position but in this case AMZN shows no sign of weakness when it comes to using the EMAs for support in the uptrend. You mention that this whole sequence 1-5 could be the actual wave 1 in a larger sequence so should we be expecting a large 61.8 correction at this point or am I not viewing that correctly?
Amazon appears very healthy much like RH but in other cases like CRWD would you say we passed the sell point? We should be selling when price movement drops below the EMAs correct? Which EMA should we use for the trigger in this case? As the longer term ones will take longer to cross usually.
Thank you so much for all your amazing tutorials and the awesome stock picks! I can't wait to see what you have to say every day and I love that you genuinely care for your followers and want to see us all succeed! Keep up the amazing work!
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.