Chart of the day

Where do we stand fundamentally?

AMZN results were slightly lower then expected in the last quarterly report, but ROE has improved from a previous quarters and also gross profit margin jumped with lower debt to equity ratio.

AMZN is testing the strong long-term support of 147.50. A break below this level will lead to an invalidation of immediate extension higher and a test of 137. For an extension higher we need to see a break above 167.

An invalidation level of a fifth wave long-term extension higher and a bullish cycle is 135. This extension higher could lead to 192 target in the medium-term to long-term upon a break above 167 again and a bounce from this 147 support.

_{Try a long trade entry with a stop loss below 148 to target 167. You can trade AMZN with options.}