$AMZN TOP 20
Added 2024-06-01 15:31:17 +0000 UTCNeedless to say I was getting excited to see $AMZN lose its 50 Day MA this week because as you all know, I want to reverse the truck into $AMZNs shares when the price completes its ABC count.
I added in the small white Fib levels to see where the flush got down to on Thursday and Friday and we can see that there was certainly weakness there, likely brought on by the weakness surrounding consumer spending and the large sell off in SaaS companies.
The price action dipped close to its 0.78 Fib but managed to recover very well to finish above its 0.618 Fib at $176, so for now, this pull back is looking like nothing else but a small subwave 2 of this final wave 5.
If a lower low is made next week then we are looking at the prospects of Wave A starting but a bounce from here and there may be a 20% gain on the table here to complete Wave 5.
