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AMAZON EARNINGS FEB 2Amazon has been trading been trading and consolidating within the same range since Fall 2020. It appears to be gearing up for a move soon and earnings expected to be released February 2nd 2021. Based off what we believe is going to be another great quarter for the company combined with a continuation pennant indicator, we're still bullish here. Any breakdown of the pattern would void this. As always, we recommend waiting for confirmation, retest for support, and solid volume to then hop in.
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AMAZON | SYMMETRICAL TRIANGLEAmazon forming a symmetrical triangle for 5 months and usually the breakout of that pattern occurs at 3/4 of its length.
Waiting for the breakout in order to trade it.
It'll be interesting to see what happens!
We also need to see an important increase of volume at the breakout as a confirmation of the pattern.
NASDAQ:AMZN
AMAZON [AMZN] Short Idea: Bearish TriangleAMAZON is behaving fairly choppy since August. My guess is that it will continue to oscillate for while since we had the massive corona run-up.
Im eyeing Support 1 and Support 2 as short term potential targets. Be careful holding this stock too long, it might see another run up towards Q1'21 earnings.
Amazon (AMZN) Continues to Benefit from the PandemicAmazon (AMZN) 45 minutes chart below shows that the stock has continued to extend higher from August 12 low. From that low, the stock rallied higher in wave ((iii)), which ended at 3457.80 high. The rally unfolded as a 5 waves impulsive Elliott Wave Structure. Up from wave ((ii)) low, wave (i) ended at 3217.52 high. The dip in wave (ii) ended at 3120 low. The stock then extended higher in wave (iii), which ended at 3326.99 high. Wave (iv) pullback then ended at 3257.56 low and unfolded as a flat correction. The push higher in wave (v) ended at 3457.80 high. This completed wave ((iii)) in larger degree.
Currently , the stock is doing a pullback in wave ((iv)) to correct the cycle from August 12 low. The structure could be unfolding as a double correction. Wave (w) has ended at 3378 low. The bounce in wave (x) is currently is progress. Afterwards, the stock could do another leg lower in wave (y) and end wave ((iv)) in the higher degree. As long as 3072.72 low stays intact, the dips in 3,7 or 11 swings is expected to find support for more upside. The stock then can resume higher in wave ((v)) afterwards.
Amazon ( Amzn ) prediction based on Neowave Strategy!Amazon has reacted to the price of $3200 after hitting Fibo 0.786% and we expect it to fall to the range of $2700 with negative and positive fluctuations. This analysis is not a trading signal and is only a forecast for the future trend of the market.