AMZN targets the 92-82 pandemic D.bottom low & Vol Profile zone?
AMZN has been making an ABC correction since the 188 ATH. The decline was very fast once it failed
to hold the 150 volume profile zone. It has retraced exactly to 101, the 0.854 FIB of the 82 pandemic low to ATH. There was a little bounce but AMZN basically is just hovering around the 2016 TL while consolidating inside my red box without breaking the downtrend line.
LOOKING BEARISH. I think AMZN will target the pandemic low at 82 to make a double bottom ending hew
ABC correction. 82 is also the 0.618 FIB retracement from 14.20 (2015 low) to ATH. 82 is also the 1.618
Fib Extention of the ABC correction, making it a very strong support.
WARNING: There may still be a 20% downside from latest low at 101 as consumer discretionary will be the
first to suffer during an economic downturn.
Not trading advice
to hold the 150 volume profile zone. It has retraced exactly to 101, the 0.854 FIB of the 82 pandemic low to ATH. There was a little bounce but AMZN basically is just hovering around the 2016 TL while consolidating inside my red box without breaking the downtrend line.
LOOKING BEARISH. I think AMZN will target the pandemic low at 82 to make a double bottom ending hew
ABC correction. 82 is also the 0.618 FIB retracement from 14.20 (2015 low) to ATH. 82 is also the 1.618
Fib Extention of the ABC correction, making it a very strong support.
WARNING: There may still be a 20% downside from latest low at 101 as consumer discretionary will be the
first to suffer during an economic downturn.
Not trading advice
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