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Tuesday, October 17, 2017 3:45:41 PM
AMZN On Technically Borrowed Time
By: Carl Swenlin | October 17, 2017
AMZN has pushed up above its Sep. recovery high of 1005, to today's high at 1011.17, which satisfies my minimum upside requirement for the completion of the Sep. corrective low at 931.75. My optimal upside target zone is 1022-1034, from where I am expecting a major downside reversal that initiates a secondary corrective decline that breaks the Sep. low in route to my two projected downside target zones at 920-900 and possibly down to 820-800.
From here on out (above 1011 to 1034), AMZN is on technically borrowed time ahead of another major corrective decline off of the 7/27/17 all-time high at 1083.31. Earnings are due out on Oct. 26th, seven trading from tomorrow, which will set up a scenario either to "sell-the-news," or a reaction to disappointing results.
https://www.mptrader.com/middaymarkets/
Click on "In reply to", for Authors past commentaries
Amazon.com Inc. (AMZN) - Weekly, Daily & 60 min Charts
http://stockcharts.com/public/1107832/chartbook/473403397;
http://stockcharts.com/public/1107832/chartbook/516478531;
http://stockcharts.com/public/1107832/chartbook/417100117;
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By: Carl Swenlin | October 17, 2017
AMZN has pushed up above its Sep. recovery high of 1005, to today's high at 1011.17, which satisfies my minimum upside requirement for the completion of the Sep. corrective low at 931.75. My optimal upside target zone is 1022-1034, from where I am expecting a major downside reversal that initiates a secondary corrective decline that breaks the Sep. low in route to my two projected downside target zones at 920-900 and possibly down to 820-800.
From here on out (above 1011 to 1034), AMZN is on technically borrowed time ahead of another major corrective decline off of the 7/27/17 all-time high at 1083.31. Earnings are due out on Oct. 26th, seven trading from tomorrow, which will set up a scenario either to "sell-the-news," or a reaction to disappointing results.
https://www.mptrader.com/middaymarkets/
Click on "In reply to", for Authors past commentaries
Amazon.com Inc. (AMZN) - Weekly, Daily & 60 min Charts
http://stockcharts.com/public/1107832/chartbook/473403397;
http://stockcharts.com/public/1107832/chartbook/516478531;
http://stockcharts.com/public/1107832/chartbook/417100117;
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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