Amazon just had a big correction the last couple weeks. As we can see on the top chart (daily), in the past the price did this: raise to a new high, corrected once, came half to the level of the previous high, corrected a second time, AND THEN there headed straight for a new high.
If this pattern continues, we should be on our way to a new high. Why? Well, we had a high, price corrected, went back up, corrected again, and now is raising again.
My entry trigger is the break of the new high. Since amzn is really expensive I am looking for some other tool where i can sill profit from a new amazon rally.
My initial SL will be around 949.00 but will be trailed quickly, as this is a huge risk.
Any thoughts? Critisism?
Leave it in the comments!