Amazon has formed a topping patterns target 1: $1,100 target 2: $600 before Jan 2020.
AMZN like so many other equities has broken down below it's 2016 Trump corporate tax cuts trend line and formed a topping pattern. The party is over. Bear Divs exist on monthly charts of almost all of the major indexes a this point. Nasdaq, S&P 500, Russell 2,000, the Dow, etc. Major topping patterns with bear divs exist across most of the global markets which continue to play out. Globally we’ve entered a bear market and the US is just starting to wake up to this fact. A very rude awakening is waiting for the US markets in 2019.
We can debate why or why not and the talking heads on TV will manufacture all sorts of garbage explanations for why this is the bottom or the top ... but ignore the noise ... charts don't lie. The why doesn't matter. The only thing that matters is where the price is going and during what time frame.
AMZN like so many other equities has broken down below it's 2016 Trump corporate tax cuts trend line and formed a topping pattern. The party is over. Bear Divs exist on monthly charts of almost all of the major indexes a this point. Nasdaq, S&P 500, Russell 2,000, the Dow, etc. Major topping patterns with bear divs exist across most of the global markets which continue to play out. Globally we’ve entered a bear market and the US is just starting to wake up to this fact. A very rude awakening is waiting for the US markets in 2019.
We can debate why or why not and the talking heads on TV will manufacture all sorts of garbage explanations for why this is the bottom or the top ... but ignore the noise ... charts don't lie. The why doesn't matter. The only thing that matters is where the price is going and during what time frame.
Comment:
Expect bounces...possibly very extreme...and major points of resistance...liquidity pools, major trendline supports etc. AMZN is extremely volatile so wear a seatbelt if you're gonna ride it up or down. :)
Comment:
We may have found a short term bottom. FAANG and NDX market very oversold for the most part. RSI's on daily and weekly are in the extreme oversold levels and prices have been holding up so expecting a rally...possibly a prolonged multi-week rally from here.