From my Elliott Wave counts, I believe that Amazon still have some room to go but it will be the last wave up given that wave 4 turns out to be a triangle too.
Take note that while I am bearish overall for the entire market, I think that via financial engineering, US equity markets might still be able to hold up for a while. And this time, Amazon may be the stock that will cushion the index.
I've placed the possible short entries on this chart and they are both Fibonacci Extension levels. And I expect that they will play the usual: earnings that exceeds expectations, price gapped up, started selling down.
Take note that this will be labelled short because the essence of this idea to short at the turning point even though in the short-term, it is a long first then short.
Take note that while I am bearish overall for the entire market, I think that via financial engineering, US equity markets might still be able to hold up for a while. And this time, Amazon may be the stock that will cushion the index.
I've placed the possible short entries on this chart and they are both Fibonacci Extension levels. And I expect that they will play the usual: earnings that exceeds expectations, price gapped up, started selling down.
Take note that this will be labelled short because the essence of this idea to short at the turning point even though in the short-term, it is a long first then short.
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