Amazon's stock reached a historic high of $241.77 per share, aligning with a previous pattern's target that specifically aimed at this level. It then entered a corrective wave and failed on Friday to reclaim its historic levels, seemingly forming a harmonic pattern with a target of $231.2 per share.
AMZN hits the target of double top. After reaching the target area, it will form a V-shaped bottom, and if it is maintained, it will form two double bottoms, which makes the stock set for an upward trend.
The S&P 500 index approached the "cup and handle" target at 6152 points, but recently it has formed a "head and shoulders" reversal pattern at the neckline. The index has retraced to 5783, filling a previous gap. If it trades below this gap, it may head towards 5583 points to achieve the head and shoulders pattern target.
The Nasdaq 100 index achieved a rally that nearly began in October 2022, reaching a peak gain of 111%. It appears that the rally is nearing its end with the formation of a "cup and handle" pattern and a divergence between the Nasdaq index and the RSI (Relative Strength Index) on the monthly chart. At the target level, the closing was marked by a Doji candle.
SP500 has reached the target of V-shaped pattern. The Fed is expected to start tightening monetary policy next month. Will November be the time for the bears to rise?
