$AMZN TOP 20
Added 2023-05-21 17:09:55 +0000 UTCI have liked the movement here of this potential Wave 3 here, it has been slow and measured and no wild jumps, initially testing the 200 Day MA in April, rejecting slightly, retesting again and then flipping to support, it then tested the red trend line, broke out and retested the trend line and found support again and then started moving higher.....this approach is something I like to see, measured moved and flipping resistance lines to support lines.
I also really liked the CFO's earnings call where he didn't jump on the AI bandwagon and just told the truth, investors want to hear this.
I have eliminated the previous red corrective wave because the price action went above the previous high, so this can not be considered, the only thing I have added is the potential for an ABC count, this is on the $PLTR chart and a number of our Top 20 charts, because although the sentiment is moving bullish, there is still a number of concerns, so it's mainly for awareness and just to be cautious approaching these targets.
So What Now?
$AMZN I have added here and it's one of my largest positions, when it broke the 200 Day MA I added, and when it held support above the red trendline, I added again. I would be very happy to hold this long term but like I said above, I will be evaluating at the 1.27 Fib to possibly eliminate the Wave C potential, if I am seeing weakness, I will be happy to book profits and stay in cash, to add back in at a lower price. I will update this as we approach these targets.
