Amazon Setting Up For Bounce Back Toward Record Highs, Chart Suggests
By Todd Gordon
April 1, 2020
Todd Gordon says Amazon is setting up for a bounce. He lays out what he sees in the charts.
Todd Gordon
Founder and Lead Analyst of Trading Analysis
Todd has been trading as a career for the last 20+ years. His goal is to not only provide insightful analysis, but to teach people how to think and grow as professional traders. Todd is a practitioner of Elliott Wave Theory and he uses it to gain an edge in the highly competitive trading arena. In addition to trading professionally, Todd has worked as an analyst and researcher at two different hedge funds. Click Here To Learn More about Todd Gordon
Hmm. One day later and AMZN is now showing Dark Cloud Cover on the weekly chart. Hmm….
I’ve been profiting off amazon with sold spreads above and below (sold iron condors). Given the overall economy seems to be rushing headlong into a depression (9 million new unemployment claims in TWO WEEKS, that’s simply astronomical!!) I’m not a fan of being bullish much of anything in the equities world. Strongest/quickest initiation of a bear market in history. The trend is our friend, and the edge right now is CLEARLY on the short side. Why counter-trend trade against it? That’s starting with a severe negative EV assuming everything else is equal. The plays are to the short side…my $0.02.