Chart of the day

AMZN is testing the breakout upside resistance 173.80. If we get a break above this level we could see an extension higher to 200 which will mean a higher extension in the fifth long-term wave.

Only in the case of a clear confirmed break below 157, could we see an invalidation of an upside extension. Short-term a break below 168 will lead to a pullback to indicated 157 important support.

Short trades could be opened here with a stop loss above 175 with a higher probability of success and profitability. Long AMZN trades should be opened only upon a confirmed break below 175. This can be traded with options as well.