Today, we will speak about AMZN.
The price has been consolidating for 230 days. In general terms, the breakout in any direction of this type of pattern tends to be the beginning of a new trend for several days.
What we are observing right now is a correction with clear edges on both sides. Our main view is that if we observe a bullish breakout on the confirmation level, we will expect a final target at 4746,95 / The intermediate target for the expected movement is the first Fibo extension at 4076,89
Assuming that the price makes a new ATH, we can draw an ascending channel where the higher trendline converges with the targets of the Fibo extension.
Thanks for reading!
The price has been consolidating for 230 days. In general terms, the breakout in any direction of this type of pattern tends to be the beginning of a new trend for several days.
What we are observing right now is a correction with clear edges on both sides. Our main view is that if we observe a bullish breakout on the confirmation level, we will expect a final target at 4746,95 / The intermediate target for the expected movement is the first Fibo extension at 4076,89
Assuming that the price makes a new ATH, we can draw an ascending channel where the higher trendline converges with the targets of the Fibo extension.
Thanks for reading!