The Party is Almost Over for Amazon and the U.S. Stock Market
Hello!
I have been following the markets closely as most have and I wanted to share my thoughts on Amazon, and on the stock market.
Prior to our pull back with the entire stock market at the beginning of February, I was watching Amazon shares closely, monitoring it's bubble formation.
It was very clear to me that we would see a quick pull back at $1500 if we were nearing out topping for the bubble. And right on the dot, we did it. And so did the entire market stock market at the same time. It all fell.
Now, we have to say, where are we going from here? When I look at the formation for Amazon, we are approaching our bubble blow off top, which occurs at $1750. I assumed the DOW would rally up to 28,000 points along with Amazon, but it's not. There does not seem to be the overall recovery going on with the DOW. So, what do I think? Well, I don't think we can really measure the DOW at this point. It's not going to give us a real target. But I think Amazon will give us the clue.
BE PREPARED! Watch what Amazon does at $1750, and see what the rest of the market does.
I have been following the markets closely as most have and I wanted to share my thoughts on Amazon, and on the stock market.
Prior to our pull back with the entire stock market at the beginning of February, I was watching Amazon shares closely, monitoring it's bubble formation.
It was very clear to me that we would see a quick pull back at $1500 if we were nearing out topping for the bubble. And right on the dot, we did it. And so did the entire market stock market at the same time. It all fell.
Now, we have to say, where are we going from here? When I look at the formation for Amazon, we are approaching our bubble blow off top, which occurs at $1750. I assumed the DOW would rally up to 28,000 points along with Amazon, but it's not. There does not seem to be the overall recovery going on with the DOW. So, what do I think? Well, I don't think we can really measure the DOW at this point. It's not going to give us a real target. But I think Amazon will give us the clue.
BE PREPARED! Watch what Amazon does at $1750, and see what the rest of the market does.
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Amazon broke out of triangle, finding support on top, making bull flag, bull flag target... $1750. What do you know?!
:D
:D
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Still on track. It looks like it's making it's final run at it. Hold on to your cookies, grab some popcorn, and sit back and enjoy the show. It's going to be a wild ride.
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I can't believe we are finally here. It's looking very likely that the top will be in during tomorrows trading. Time to prepare to close your longs, and open some shorts!!!! The stock market crash is finally upon us!!!
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$1750 is upon us. Good luck!!!!
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Supreme court just ruled that states can force online retailers to collect sales tax regardless if they have a physical presence, or "nexus" in that state.
Not ironic that this ruling occurred today, at the top!
Not ironic that this ruling occurred today, at the top!
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Byyyyyeeeeeeee!
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For those being tricked that this is "just a dip"... Do not be fooled.
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Well guys, I have to admit, I'm quite embarrassed on how this played out. I have had this chart up for four months, and was very confident it was correct. However, it is wrong, and, it's my mistake. And the embarrassing thing about it is that I kept it up this long, thinking it was right, and was not able to notice it was incorrect until we have already broken above the targets.
So, it's a pride shot for sure. But, we all learn from mistakes. And, well, I'm feeling pretty confident I've solved the puzzle.
In the end, my fibs were incorrectly placed. I have been able to confirm their positioning now by placing a 0-1 fib over a 0-4.236.
The target was wrong all along. According to the fibs, the "exact" target is
$1890. Would I trust that to the dollar? No. I wouldn't. But I'd have these fibs drawn out, and be looking for strong signs of reversals at that point. It could come up short and never reach the target. With fibs drawn correctly, it's pretty obvious to many people, I"m sure.
I can also confirm that my count was wrong by the topping pattern. It was missing the final impulse with low volume, which we are now getting.
Best of luck to you all.
So, it's a pride shot for sure. But, we all learn from mistakes. And, well, I'm feeling pretty confident I've solved the puzzle.
In the end, my fibs were incorrectly placed. I have been able to confirm their positioning now by placing a 0-1 fib over a 0-4.236.
The target was wrong all along. According to the fibs, the "exact" target is
$1890. Would I trust that to the dollar? No. I wouldn't. But I'd have these fibs drawn out, and be looking for strong signs of reversals at that point. It could come up short and never reach the target. With fibs drawn correctly, it's pretty obvious to many people, I"m sure.
I can also confirm that my count was wrong by the topping pattern. It was missing the final impulse with low volume, which we are now getting.
Best of luck to you all.
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How I envision this all playing out over the next five years.
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Right after the quarterly earnings report AMZN shot up to $1890, then got knocked all the way back down to $1809 again. It was relieving to see $1890 was definitely the resistance.
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In after market trading AMZN hit $1890 TWICE, and BOTH TIMES it got knocked all the way down to $1808. The TradingView charts will not reflect that tomorrow morning, but, beware of it.
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And now during trading hours we have hit 1880 and come back to 1808, AGAIN.
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If that's not the top, then who knows...
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Clearly, we have popped. Areas where I am looking for large trading opportunities:
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Alternatively: