Amazon (AMZN): Would You be a Buyer or Seller at This Level?

SUMMARY

Amazon (AMZN) has provided asymmetric returns to shareholders since 1998. However, note the weekly chart below and note the MACD. It's quite overbought state is at a record level. The bulls have become very frothy in their sentiment for more! Would you say this is the best time to be taking BUYING or profit SELLING actions?

Adding Elliott Waves, the blue primary degree of trend shows that wave 4 is very likely (blue) which would generated a sizable corrective decline. The subwaves of blue 3 likely is also not complete. I believe white wave 4 is in progress and a higher high to perhaps $2k or so in white wave 5. The MACD will meanwhile probably make a lower high while price makes a higher high.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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