AMZN Headed Higher?

Let’s take a look at an old ONGOING setup in AMZN ($281.45, up $0.38).

A while back I looked at a weekly chart in this stock,  noting that the last low was made 14 weeks down from the last major high.  This swing was similar in time to two other swings on this same chart.  Another one was 14 weeks illustrated on the left hand side of the chart and then another was 13 weeks down.

CB AMZN 6 10

Now after making the most recent 14 week low, we have recently cleared some important hurdles on the upside.  This suggests that AMZN has higher to go and should attempt to head towards target # 1 in the 295 area.

I will be setting up the pullbacks for buy entries in this one until proven wrong!

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Carolyn Boroden

Carolyn Boroden is a commodity trading advisor and technical analyst specializing in Fibonacci analysis. Her unique form of price and time analysis is quickly proving to be one of the most promising trading techniques using Fibonacci available today. Ms. Boroden's first book, Fibonacci Trading: How to Master the Time and Price…