Amazon | Monthly Chart Breakdown (Major Bear Market Confirmed!)

٨ أغسطس

Good day my fellow traders, I hope you are having a wonderful week.

Here I have for you a long-term chart for the AMZN stock, it has a pretty interesting story to share... Billionaires are taking profits!

To start, we know all the stocks are highly correlated; What one does, the rest follows.

This is a long-term chart and we can pretty much say that a major correction is underway; a bear-market.

➖ We can see a peak pattern in the form of a rounded top.
We can see a complete breakout of this pattern, just as it happened in late 201.

➖ A major bearish signal comes in the form of a bearish divergence between AMZN and its MACD. This is the monthly timeframe so these signals are not weak.

👉 We are set to experience RED for months...

How will this affect the rest of the market?
Other major stocks are also red and pointing toward months of bearish pressure.

We wait and see how it all goes. But it seems we are about to witness a major "billionaires taking profits" market flush.

Namaste.