$AMZN TOP 20
Added 2024-10-01 13:59:47 +0000 UTCOk there is clear resistance at the $188 line now, this is confirmed, price broke above but on the retest it could not hold and there has not been a retest of this level from below yet
I would like to see this next, if we get a retest of this level from below and then a rejection, then we need to assume that there is more downside, initially to the 50 Day MA or the 200 Day MA at $180 and at $176
The high from the middle of August is at $182.30, if $AMZN moves down lower below this level, it doesn't mean there is a break down in the impulse structure because waves in Wave 5 can overlap, this is called an ending diagonal and Lesson 4 covers this.
That being said, we want to see the 50 and 200 Day MA come to support and hold this.
