The Long Investor

$AMZN TOP 20

Added 2024-10-24 12:12:45 +0000 UTC

As Adam rightly said in the Chat Group, yesterday was a shake out, designed to trigger weaker hands that were unsure of their positions and trigger stop losses.....this is so common leading up to important earnings reports and economic events, that I made sure to state this every day this week.

That being said, even when it comes and we are expecting it, it can still be difficult to watch

So we refer back to the charts, check support levels are held and make a plan.

It would be rare for an invalidation to happen on a chart without any specific news towards a particular company.

$AMZN has not held above the $189 level and went back into the wedge and appeared to be reach for the 0.5 Fib and 50 Day MA aligned at the $182 level, buyers stepped in to buy the dip before this happened and the price is already at $186 in the PM now

Smart money knows that $AMZN's earnings will move this trend, not any other influences right now.

So we stick with our plan, wait for earnings (which I think will be a beat) and a test of the $200 level will be possible then.