AMZN - Plunge Hit Long Term Resistance
AMZN did a neat party trick last Friday by plunging, hitting, and then doing an about face right at 927.00, on the dot.
Long term analysis shows that this level can be used in a harmonic analysis of a pattern that was created back in April.
We will see after the next few days where the market, and this bellwether are headed. If the plunge continues, then I suspect we are headed for 884 territory. Otherwise, if the bulls can grain their strength, short squeezing should propel AMZN back up to 1018.
Long term analysis shows that this level can be used in a harmonic analysis of a pattern that was created back in April.
We will see after the next few days where the market, and this bellwether are headed. If the plunge continues, then I suspect we are headed for 884 territory. Otherwise, if the bulls can grain their strength, short squeezing should propel AMZN back up to 1018.
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