Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
Comment:
Amazon has been in a massive bull run from what I can see. It should be due for a healthy correction soon. There are 3 gaps that have yet to be filled in the chart below. Yes, it sounds crazy for amazon to ever hit these prices again since even a 50% correction would only bring the prices down to about 1800. Two scenarios in which we can see these prices again, our economy crashing to 2008 levels or worse or amazon continues to perform as it has been and to attract more investor; it does a 10:1 stock split.
Comment:
Cool, Amazon went through a stock split and I finally get to see a chart from before and after.
All of the gaps from the chart above are now all gone.
From what I can see, AMZN seems to be in a WXYXZ corrective pattern.
We are waiting on an X bounce then last leg down to Z.
The bottom might be $69.
The 3 green support/resistance lines are the accumulation zone.
A break above the top resistance line will confirm a new impulse wave for the last fifth wave (5).
All of the gaps from the chart above are now all gone.
From what I can see, AMZN seems to be in a WXYXZ corrective pattern.
We are waiting on an X bounce then last leg down to Z.
The bottom might be $69.
The 3 green support/resistance lines are the accumulation zone.
A break above the top resistance line will confirm a new impulse wave for the last fifth wave (5).