Chart of the day

AMZN is being rejected by the strong upside extension resistance of 158 again. This is a confluence of the wedge resistance and a downside channel resistance.

A rejection here and a break below 147 will confirm that the five upside waves are finished. A break below 147 will open a downside reversal to 130 which is the ultimate support for an upside extension to be left as an option. A break below 130 will lead to a deeper pullback.

Short-term short trades could be opened upon a break below 147 with a stop loss above 149. Long trades should be opened only upon a confirmed break above 158. I am inclined here to see a deeper pullback into 130.