A look at AMZN from the monthly, weekly, and daily charts with my perspective. Primarily, I see an ascending wedge (on the monthly) within an ascending wedge (on the weekly and is represented by dotted lines).
Immediate impression is bearish potential and interestingly enough, it would appear that both ascending wedges finish around the exact same positions (marked with down arrow on the daily chart) and earnings on July 27 are 3 days away.
Weekly
Ascending wedge from the dotted lines.
Daily
On the daily, I would be looking for an earnings pop to create a blow off top capturing lots of bulls and creating a great opportunity for smart money to liquidate their shares into the ensuing strong demand (created from short coverers and over optimistic-bulls). A pop should also put price right outside the upper bollinger band, further adding credence to a short opportunity.
Immediate impression is bearish potential and interestingly enough, it would appear that both ascending wedges finish around the exact same positions (marked with down arrow on the daily chart) and earnings on July 27 are 3 days away.
Weekly
Ascending wedge from the dotted lines.
Daily
On the daily, I would be looking for an earnings pop to create a blow off top capturing lots of bulls and creating a great opportunity for smart money to liquidate their shares into the ensuing strong demand (created from short coverers and over optimistic-bulls). A pop should also put price right outside the upper bollinger band, further adding credence to a short opportunity.
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Just throwing this out there, crazy idea.
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