At least one more bullish leg up potential for AMZN in Q4'23
While my long-term macro Elliot wave count* on AMZN is not certain, but if the price manages to hold above 123, I am counting on at least one move up towards 151-160 resistance area in Q4 this year.
In the short-term, 50D MA region will serve as an important resistance zone, and point of interest for big institutional money. We either see the price getting institutional support in this area, or we may be left with substantial selling pressure. That is why definitive move above 50D MA, with volume pick-up, would be an important marker for confirmation of the higher potential, mentioned above. This region also coincides with Sep's gap-down, that was not yet filled with any followed-up upward bounce.
Breaking below 123 area, either in the short-term, or during the next correction higher in the wave structure, would be the turning point for me, to consider something major bearish is potentially in the cards.
Trading thesis: if price breaks out above yesterday's highs with volume support, longs could be initiated with 3 and 5% stop losses.
* One important caveat to EW: I use it solely to have a subjective idea about sentiment and overall context to support, but not guide, my investing decisions. Price and volume is the key, and only price pays, not the fibonacci resistance or any wave count.
In the short-term, 50D MA region will serve as an important resistance zone, and point of interest for big institutional money. We either see the price getting institutional support in this area, or we may be left with substantial selling pressure. That is why definitive move above 50D MA, with volume pick-up, would be an important marker for confirmation of the higher potential, mentioned above. This region also coincides with Sep's gap-down, that was not yet filled with any followed-up upward bounce.
Breaking below 123 area, either in the short-term, or during the next correction higher in the wave structure, would be the turning point for me, to consider something major bearish is potentially in the cards.
Trading thesis: if price breaks out above yesterday's highs with volume support, longs could be initiated with 3 and 5% stop losses.
* One important caveat to EW: I use it solely to have a subjective idea about sentiment and overall context to support, but not guide, my investing decisions. Price and volume is the key, and only price pays, not the fibonacci resistance or any wave count.
Мой телеграмм канал: t.me/marketartistry