On March 12th I posted my first forecast for AMZN as it was going to touch the target of $381 on March 13th.
tradingview.com/v/DZqFK0Mn/
I think the downtrend for this has come to an end for the following reasons:
1. In the 2 hour chart on the left, Fibonacci extension for wave C end at $312.33. Today’s low of $313.13 is just few cents short of touching this.
2. If we count the sub waves for wave C, we can identify 5 waves down. I have labeled this in the chart on right in orange. In the 5th wave, we could identify 5 sub waves in it.
3. Today’s bounce from $313.13 to $321.33 has broken the down trend line.
4. In the half an hour chart as well as in the 2 hour chart, MACD indicates a divergence.
Even though all these factors indicate a bullish trend, I could still be wrong. So my stop loss is $312.
tradingview.com/v/DZqFK0Mn/
I think the downtrend for this has come to an end for the following reasons:
1. In the 2 hour chart on the left, Fibonacci extension for wave C end at $312.33. Today’s low of $313.13 is just few cents short of touching this.
2. If we count the sub waves for wave C, we can identify 5 waves down. I have labeled this in the chart on right in orange. In the 5th wave, we could identify 5 sub waves in it.
3. Today’s bounce from $313.13 to $321.33 has broken the down trend line.
4. In the half an hour chart as well as in the 2 hour chart, MACD indicates a divergence.
Even though all these factors indicate a bullish trend, I could still be wrong. So my stop loss is $312.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.