AMZN bull / bear count 9-6-21
AMZN is in a weekly symmetric triangle that could send this thing flying to 4000 a share.
Bull count - wave 2 bottom was set on the POC after the earnings sell off. We are now looking to backtest the 30 week MA to put in a wave 2, then we will be in a 3 of 3 and it will launch.
Bear count - wave 2 bottom now in yet, we are still in a correction where we are going to head down to put in wave B instead of the bulls 2, then we will rally for C only to be rejected (still likely outside of the traingle) and sent lower. Likely bear 2 bottom will be 3080 range as that is next strong support if 3200 breaks meaningfully. If amazon goes this low it is a screaming buy
Positive signs here: 30 week MA and volume shelf should provide very strong support. Couple that with the weekly MACD curl and strength this will need to break out of the symmetric triangle, makes me lean towards the bull count on this one, but significant market deterioration could easily send it to the BEAR 2 count
Bull count - wave 2 bottom was set on the POC after the earnings sell off. We are now looking to backtest the 30 week MA to put in a wave 2, then we will be in a 3 of 3 and it will launch.
Bear count - wave 2 bottom now in yet, we are still in a correction where we are going to head down to put in wave B instead of the bulls 2, then we will rally for C only to be rejected (still likely outside of the traingle) and sent lower. Likely bear 2 bottom will be 3080 range as that is next strong support if 3200 breaks meaningfully. If amazon goes this low it is a screaming buy
Positive signs here: 30 week MA and volume shelf should provide very strong support. Couple that with the weekly MACD curl and strength this will need to break out of the symmetric triangle, makes me lean towards the bull count on this one, but significant market deterioration could easily send it to the BEAR 2 count
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