SUMMARY
Amazon (AMZN) has provided asymmetric returns to shareholders since 1998. However, note the weekly chart below and note the MACD. It's quite overbought state is at a record level. The bulls have become very frothy in their sentiment for more! Would you say this is the best time to be taking BUYING or profit SELLING actions?
Adding Elliott Waves, the blue primary degree of trend shows that wave 4 is very likely (blue) which would generated a sizable corrective decline. The subwaves of blue 3 likely is also not complete. I believe white wave 4 is in progress and a higher high to perhaps $2k or so in white wave 5. The MACD will meanwhile probably make a lower high while price makes a higher high.
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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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