Three times Fibonacci and one time Elliott suggest Amazon is done. Stick a fork in it :-)
1 Fib time zones suggests we should have a major top right here (right now in the big picture, could be today or in a couple of months)
2 Fib retracement suggests a target on the downside at $260 or $210 ie a .5 or .62 fib retracement
3 Fib speed resistance arc suggests major troubles right ahead in both time and price. Phase transition.
Elliott says AMZN has had some very good years since a big triple top break out w rebound but no meaningful correction since then and with a cluster of resistance lines right ahead.
Fundamentally speaking does AMZN make any real profit to speak of? Really?? Some fundamentalists at Investmentresearchdynamics claim they dont.
Mr Market has spoken, the correction phase is over! It turned out we got a "running correction" which usually is a sign of big advances to follow. The sky is the limit :-) or in any case $750 within 6 months
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It's getting hotter!
Get ready to start shorting. Target to the upside $560 +/- $20 and then down, down, down. But you need a stop loss (after your own preferences) of course. This is not supposed to be a game of russian roulette. Money management is of great essence especially when shorting
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Pay special attention to where the 2.618 fib extension line lands, $577. Not bad for a prediction that could have been made 2012.
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Double top set-up evolving?
I expect one more mini top in the rising wedge (yellow abcde) to incur during first half of Oct
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Updating
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up movements contracting and down movements expanding ==> "extracting triangle" fractal ==> trend reversal set up
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target line signifying minimal expected downside if the set up is activated (price below extension of b-d line)
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Look out below!
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Sorry wrong chart above! But here is the right one (I hope).
Look out below!