AMZN: Bearish Bat: Anticpating Potential PPO Confirmation

4 авг. 2023 г.

Amazon has gapped up to complete an 88.6% retrace thus completing the BAMM. Now we can see that the PPO is trading outside the upper bounds, and once the PPO comes back down below the upper bounds, it will confirm a Bearish PPO signal at the PCZ of this Bearish Bat, therefore confirming the Bearish Entry. I think it will target $81 from there on, but it could go lower if it ends up being a continuation of a much more bearish ABCD Pattern from years ago.

I think this rally was stirred on by the positive earnings release, but failed to realize how unprepared the guidance was during the actual call, as they hardly provided any guidance for Q3 all they could provide was their hopes but not much beyond that.