The monthly July is about to print with heavy downward momentum.
If August takes out the July lows, AMZN has strong downside potential.
Neutral position until we see August price action but I wouldn't want to be a holder here.
Best to stay on the sidelines and wait for price to battle it out for a potential reversal with clearly defined risk.
Comment:
Into the gap, downward momentum accelerating to close off the week. Bears starting to wake up.
Comment:
The bears came out in full force yesterday. They have taken the morning off and gave the bulls two hours to get their act together. No dice. The bulls are giving it one more chance even though the bears here at 1758 but there is absolutely no reason to think the bulls will win this battle. The bears are just waiting to strike hard.
Comment:
For those keeping score at home, AMZN wicked down to the 2nd box at $1618 in after hours on Oct 24th. If the 2nd zone is tested again and fails, we can fully expect to see zone 3 with a high possibility of going lower to take out the December 2018 lows of $1307.