What is interesting in this AMZN chart besides it has top out 5th of the 5th of the 5th which means an imminent decline is on the way back down to $120. Several analysts have already called the overvaluation in this stock. Read the prevous posts for further insights. But for now, here, it has been said each stocks has its own peculiarities and the same theme runs over and over again. For AMZN - Amazon the online book retailer is its 4th wave correction which has a complex 3 waves correction with the "B" waves higher than the "A", be it in the daily, weekly or monthly chart, be it in the minor wave or the next wave higher in the larger degree. It almost always does the hybrid 3 waves a-b-c correction with the "B" higher than the "A".
MONTHLY CHART
WEEKLY CHART
DAILY CHART
No comments:
Post a Comment