Here is the weekly chart
If you consider relative strength, Amazon is very weak. It used to be one of the strongest stocks on the Nasdaq, and while Nasdaq is at a new high, Amazon is struggling. I expect Amazon to correct severely. There is a diverging tripple top in a downtrend, with price standing at value on the weekly chart. I allready have a position taken at 324$, with a stop at 343$. My first target is at 290$. It depends how severe this correction will be for the whole market. It wouldn't be a surprise to see Amazon at 200$ in a couple of weeks.
If you consider relative strength, Amazon is very weak. It used to be one of the strongest stocks on the Nasdaq, and while Nasdaq is at a new high, Amazon is struggling. I expect Amazon to correct severely. There is a diverging tripple top in a downtrend, with price standing at value on the weekly chart. I allready have a position taken at 324$, with a stop at 343$. My first target is at 290$. It depends how severe this correction will be for the whole market. It wouldn't be a surprise to see Amazon at 200$ in a couple of weeks.
