Anticipating AMZN's Bounce Off Fibonacci Support
Our recent setup in AMZN was a Fibonacci price cluster of support that was tested and held on 4/22. The zone included a symmetry projection, a .618 retracement and a 1.272 extension.
Prior to earnings we already just about met target 2 at the 3519 area. No need to hold through the crapshoot of earnings.
At this point we've seen a rally of 252.55 from the 4/22 low. Now we are closer to levels where we can anticipate a possible pullback.