22 Dec 2020 ● 02:47 PM
The recent consolidation in Amazon appears like a 4th wave triangle structure. I'm not sure whether it's only the 2nd half which is a symmetrical triangle or the entire structure is a diamond triangle. It would require digging a little deeper into the July August structure. What appears the case is that it's been a long consolidation which has brought the weekly momentum indicators back below 0. Prices are trying to break out of the triangle and start for could be 1/5 wave on the upside. Support is near 3120 and the larger channel stretches up to $ 5000 on the upside.