Amazon amazing set upHello guys, hopefully you all traders are surviving this painful 2022. Well done if you survived , otherwise learn and move on. At the end, you will make it one day.
Ok let's jump to the chart
if you know me, Long term fib retracement in red, weekly in blue and daily in Pink.
What did I do, I took the high and low from 2020, everyone likes to refer to pre-pandemic so let's consider that's the low we are targeting which is 2085 (78% retracement)
Where are we today 2185, 100 dollars difference (05/09/2022)
Weekly in blue and we are in full 100% retracement from high to low to high ( 2315 - 2015) is a buying area but mind it that's 300 dollars range. but today we are at 2185 which is closer to weekly 127% extension
Then there is a 100% retracement from March 29th , we are exactly at 100% retracement and also confluence with a trendline from 2019.
Everything says me that this is a BUY if we want to take a risk of 100 dollars from here which 78% monthly retracement.
And if you don't want to expose yourself to amazon directly then you have an option to go with QQQ or SPY as well. When amazon moves, indices move the same direction.
If my idea gets confirmed this week, I will follow up with the target, let's consider a minimum target of 2500 area which is 23% of entire weekly fib movement.
Good luck, let me know if you think otherwise. Thank you for your time.
