$AMZN TOP 20
Added 2024-07-21 13:24:17 +0000 UTC$AMZN pulled back in line with the the other Mega Caps but cleanly lost its 50 Day MA and the blue line which was an important level to hold to stay in a bullish set up, as it was the previous ATH line.
The variable here was that Bezos added fuel to the fire and excessively sold at $200, in spite of bulls doing their best to test this level a number of times, the supply was too great, otherwise I believe this would have had no issues reaching $210 already.
The impulse invalidation line is at $174, highlighted in red here, losing this level and the ABC correction is confirmed and the next test will be the 200 Day MA.
$AMZN is the one Mega Cap that I will be aggressively buying when the ABC correction completes to hold for long term, I have spoken at length over the year why this is the case and the buy zone for me here is at the 0.5 Fib at $141.
I will wait for a retest of the $188-190 level first and if we get a rejection here, I will trim down to 50% holdings and then wait for the ABC correction to complete, I will likely make $AMZN more than 30% of my portfolio including my cash when the ABC correction is complete.
