AMZN has the possible slingshot turn in place, all markets can only turn on such action.
A sling shot is a price whip saw that has enough energy to create a new trend the other way of an old existing trend. This is done by the last price pivot of the upward trend to be over come from that pivot by the same amount of points in pricing of that last upward move to under the pivot but in the same time frame it took to reach that high from the pivot.
The weekly pivot is 1565.22 week of 05/14/2018 so a 198.00 move towards the new high recently of 1763.10 on 06/18/2018 must be over come with that same time frame to that high point ‘about 6 weeks’ to a low of 1367.00 by at lest 07/30/2018.
Doing so ends the large parabolic trend and the entry into a bear market.
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AMZN has the possible slingshot turn in place, all markets can only turn on such action.
A sling shot is a price whip saw that has enough energy to create a new trend the other way of an old existing trend. This is done by the last price pivot of the upward trend to be over come from that pivot by the same amount of points in pricing of that last upward move to under the pivot but in the same time frame it took to reach that high from the pivot.
The weekly pivot is 1565.22 week of 05/14/2018 so a 198.00 move towards the new high recently of 1763.10 on 06/18/2018 must be over come with that same time frame to that high point ‘about 6 weeks’ to a low of 1367.00 by at lest 07/30/2018.
Doing so ends the large parabolic trend and the entry into a bear market.
Have a great day Rick.