$AMZN TOP 20
Added 2024-05-05 17:14:45 +0000 UTC$AMZN is the only real big change for me this week and when I say change, I just added a possible bullish count in case it breaks above $190.
I really like how $AMZN did not go aggressive like $AAPL and $GOOG and did not play to the market by issuing a crazy buyback or start a dividend, why do this around ATH's....if I were buying back shares, I would take advantage of them at a lower price and rewarded holders who have stuck with the company, dividends also help this too.
Instead $AMZN continues its strategy of focusing on growth and acquiring more market share, this is exactly what long term holders want to see, there will be plenty of time for buy backs and dividends.
Market acted well to $AMZN reporting this week and above its 50 Day MA now and I have added a potential Wave 5 at the $210 level which we have never ruled out before, earnings was solid with no surprises and $AMZN is a company that may do well during a recession as customers search for cheaper alternatives.
Most importantly, the ABC correction still needs to come and is still not confirmed.
When it does, the plan remains the same, add aggressively at the end of Wave C and hold long term.
