Chart of the day

AMZN reached the 190 level which could also be a fifth-wave peak of a short-term five-wave cycle and the top of the sideways channel. Now it is testing a breakout below the 174 level for a reversal down to 147.

A break below 174 is now required for a deeper pullback to the 147 level which is an ultimate upside support. A confirmed break above 190 will lead to an extension higher in the fifth wave extension to 230.

_{Look for the short trade entries with a stop loss above 184. Long trades you can take in the case of a confirmed price action break above 190.}

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