Chart of the day

AMZN is reaching the top of the wedge resistance 157 and a rejection from here will lead to a deeper pullback into 140. Only a clear confirmed break above 157 will lead to an extension higher.

A rejection here will confirm the upside five waves finished especially in the case of a break below 140. We need to see a clear confirmed break below 140 for the short trade entry medium-term to be justified and to confirm that we have finished the five waves upside.

Short-term shor trades could be opened with a stop loss loss above 157. Long trades should be opened only upon a confirmed break above 158. This can be traded with options as well.