I wrote an update on AMZN yesterday that raised the possibility of the stock making a possible Wave 2 high of a new possible trend or at best a Wave 2 high of a large sideways consolidation pattern (click here). The stock is about $13 below where it was when I wrote that blog post and it looks like it is possibly testing a break of the weekly broadening price pattern that I have been tracking for AMZN.
You might say … whoop-t-do, price is breaking some imaginary price pattern!! I say beware when price breaks price patterns, because it could be the early warning of a change in trend. Here are the charts … Continue reading