Stairway to heaven formation on AMZ!

Right now a formation (i call it stairway to heaven) builds up on amazon. If the price exeeds the level of 129$ a long position could be a good option. I saw this formation on many charts before and it has a good hit rate. Even Amazon itself created this formation back in okt. 2020 where i copied the candles so you can see how the current price could develop if the target level triggers.

Why does the formation works? Perhaps because the price is cooling off in a sideways phase rather than in a correction after the short but intense trend push.

Comment:

Buy zone triggered. A long trade can now be started!

Trade active