AMZN is going for a test of the hard upside resistance 181. If we get a breakout above this resistance we could see an extension higher and a test of 200. It will mean that the fifth long-term Elliott Wave is still in process. If we get another rejection here again like we did in the past, three times already, we could see a pullback to 150. Learn to Trade stocks profitably.
How to trade this?
It is a fact that a strong upside resistance for Q2 2024 is 180. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, short-trade entries have a higher probability of success but upon a confirmed breakout below 170. Long trade entries are possible only on a confirmed price-action break above 180. You can try a short trade here with a stop loss above 180 or upon a break below 170. This trade entry has a better Risk to reward. For inquiries about account management please write to [email protected].
The Weekly AMZN chart reveals an addition to the previously mentioned, medium-term five waves and a fifth of the fifth wave long-term with an indicated strong resistance 180. A break above 180 will lead to a test of 250. A rejection and a break below 170 will leave us in consolidation and could lead to a test of 140 support. A test of 140 will not mean that the upside test has reversed but only that it has reached strong support.
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How to trade this?
It is a fact that a strong upside resistance for Q2 2024 is 180. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, short-trade entries have a higher probability of success but upon a confirmed breakout below 170. Long trade entries are possible only on a confirmed price-action break above 180. You can try a short trade here with a stop loss above 180 or upon a break below 170. This trade entry has a better Risk to reward. For inquiries about account management please write to [email protected].