The Long Investor
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$AMZN TOP 20
🕑 Added 2025-05-13 11:51:22 +0000 UTCThe US-CHINA postponement announcement on Sunday night allowed the market and the Mega Caps to bounce strong yesterday and we can see that $AMZN jumped right up to its amber 0.618 Fib at $211 yesterday.
This is still a resistance level we need to monitor but the price is currently above the 50 WMA with no retest of this level from above yet.
Breaking above the 0.618 Fib and I believe the price action can go as high as the 0.9 Fib at $234, which aligns with the $SPY bouncing to its own 0.9 Fib at $600.
For me, $AMZN is still the strongest Mega Cap so if any company is going to do it, I believe it can be $AMZN.
Wave B's can go as high as their previous ATH which is $244 here.
So our plan remains, continue to hold until there is resistance, followed by rejection.
We do not need to do anything after catching this on the 7th of April at $164.
Comments
HS
I wonder if 211 was a rejection since price is dropping now. Would love to use this juncture as a learning point regarding confirming/rejection of support (which has been challenging to learn)
Garrett A
No need to chase until there is confirmation
HS
Ideally would like to de-risk now. We are at a fork right now. Hoping can convert 211 as support. Closely watching Cap’s alert for this.
djordje pavlovic
since I bought only 25 shares around 170...should I add another 25 at this levels?
