Been following this since the last earning beat. H &S completed with a second close above neckline 146.65 on weekly chart. With the rate decision confimration yday- tageting FIB level .78(157.35) TP 1 | TP2 @167.39 (last low high on wkly) .
Expecting the beast to stop correction to go higher around shaded ellipse .
Watching 34K level for confirmation - Once confirmed we should see base formed within the bonds of the current weekly triangle structure.
Our confirmation should look like the "W" bouncing off dynamic ascending support level.
H4 showing strong bearish momentum with MACD bearish divergence apparent.
D1 supports theory via rejection at 50MA pullback to the 1920/2000 area before pushing higher
Even though we are making higher highs we are over bought on weekly with daily showing exhaustion w/ equal highs.
Divergence is getting worse as the price moves up.
Daily has sell signals galore.
Target 494
Im coining this pattern as the tipping beaker.
With current tensions abroad and the futures market leading the way, we should be on track for a Mcap reset.
Peep MACD and RSI bearish divergence. With RSI crossover already occurring.
Target 47.89 then 43.41 which is fib 50 level. From there we should see if we'll go lower or higher.
Good luck fellow chartist
We should see retest of breakout area @ 1989 before pushing higher.
Divergence in 4H show bearish momentum.
AMZN hiring a blockchain specialist huge catalyze for impending weekly breakout
