Chart of the day

AMZN is testing the strong support of 123 of the medium-term consolidation. A bounce from here is required for a consolidation swing higher in the fifth wave.

This is still viewed as the long-term five-wave upside, and a fifth wave is being developed for a test of 185 or a new high. In the long term, we need to see a break above 146 for the upside fifth wave extension to be confirmed.

Long trades you can open here with a stop loss below 123 and you can also buy call options. We favor the long trade entries at this stage as we see an ongoing price action to continue higher in the fifth wave.