You blew out of your bullish channel with alot of conviction over the past 6 months but with inconsistentcy,you have an expotential level of growth that occured due to the worlds current circumstances and government injection of the market creating an amazing level of volatility for the pump kings and the herd ,with current trajectory the current risk of the market would be intolerable and would be comedically overvalued.
RSI indicator showing not once not twice but 6 occurrences of being overbought in a 6 month time frame
MACD indicator showing a LH with price action showing a HH occurring over a 3 month period showing a strong bearish divergence
this combined with a nicely formed head and shoulders another big bearish flag
and all of this just when your testing your ADL psychological limit of your rally i can only assume a downtrend form here on out.
considering the ADL of the Global GDP is taking a major dump in times of indexes hitting exceptional highs i can only think of the amount of hands are about to jump ship.
my prediction is over the following 4 months you fall back into the bullish channel with majority weak hands selling due to the hype nature of this rally increasing conviction of the downtrend, when push comes to shove and you have to test your newly found resistance then we shall see if the realistic value of amazon really weighs up.
False hope can be dangerous in times of deceit and is a major red flag when the average joe knows a rescission is coming a mile away.
RSI indicator showing not once not twice but 6 occurrences of being overbought in a 6 month time frame
MACD indicator showing a LH with price action showing a HH occurring over a 3 month period showing a strong bearish divergence
this combined with a nicely formed head and shoulders another big bearish flag
and all of this just when your testing your ADL psychological limit of your rally i can only assume a downtrend form here on out.
considering the ADL of the Global GDP is taking a major dump in times of indexes hitting exceptional highs i can only think of the amount of hands are about to jump ship.
my prediction is over the following 4 months you fall back into the bullish channel with majority weak hands selling due to the hype nature of this rally increasing conviction of the downtrend, when push comes to shove and you have to test your newly found resistance then we shall see if the realistic value of amazon really weighs up.
False hope can be dangerous in times of deceit and is a major red flag when the average joe knows a rescission is coming a mile away.
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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.