Head & Shoulder = most reliable pattern of all MINIMUM target = $163 May 2014 low is 284.38 If that's taken out to its a twofer advantage The harder they come the harder they fall one and all Jive baby, jive, yeah
Amazon is double-topped with 1998 as 1st TOP on MONTHLY H&S on Daily Jive baby jive, jive till you can't take it no more
Thread title is H&S neckline will break today nicked but still taken out, got the lower low too - on big volume, which is actually not reqd. on H&S breakdowns but we got it anyway Q.E.D. = done Next stations: $255, $207, $160-169 (61.8% + previous 4th wave of lesser degree = magnet for Price) = high odds destination Now see thread opener ..... Head & Shoulder = most reliable pattern of all MINIMUM target = $163 Therefore H&S target of $163 coincides nicely with Classical TA & Wave TA & Fibonacci which is a power component of Wave Tech. = C O N F L U E N C E in spades
Next stations: $255, $207, $160-169 (61.8% + previous 4th wave of lesser degree = magnet for Price) = high odds destination There will be nobody to meet her at the first 2 stations but AfterLOS will be there at the station marked $160-169 exactly as in the video
This is simply, the thought process of an amateur. Ever heard of fakes? What if it's taken out and regained, cant use such limited projections.
From the look of my charts, this appears to be a fakeout move to the downside. It seems that there is some support at $284 (The May low as you pointed out) and this low also came at the bottom of a trend channel which extends back to late 2008. So, the rally off of the May low and the rally off of the demand line of the channel tells a different story. If anything, this is a buy, IMO...should it rally back into the channel.
RE: channel ........ take weekly view, no 5-second charts pls channel, put 2007, 2011 & 2013 peaks on top line of pitchfork, with bottom going thru' 2008 low, then extend median to left past 2001 - note how median offered S\R all the way to Aug 2009. Reasonable to conclude that Price is attracted to median NOW @ $257 = 200-week ema + 38.2% Fib support.
>>>>> What if it's taken out and regained, cant use such limited projections <<<<< You nailed it. That's why hindsight trading is best. >>>>> Ever heard of fakes? <<<<< Not only heard of it, do it all the time as in ............. Men fake foreplay as they're really only shopping upstairs for downstairs merchandise
My weekly chart is telling the same story....price is at the bottom of a trend channel. If AMZN can take out $278, then I can believe the bear side but until then, I've got to conclude that the next likely move is a bounce off of demand. Besides, that last wave of selling looked climactic. But...it's your money you'd be risking, not mine.