hard to believe that I derived the targets shown above below in January. pretty crazy.
what was important about today was AMZN performed a calendar day square out. in the world we live in (i.e. if your reading this blog) PRICE and TIME are the SAME THING. PRICE=TIME and TIME=PRICE. So, a PRICE of $50 dollars will spin off TIME cycles of 50 minutes, hours, weeks, days, etc. etc.
the famous WD Gann said you can square out a HIGH, LOW or a RANGE. In this case, the RANGE from the ATH to the most recent January low was 108 points. We take 108 points (note – you can move planets helio or geo based on this square out and you might want to try it … 😉 and convert that to 108 calendar days. that was today …. from the low on January 09, 2023 we add 109 calendar days and that day was today.
My issue (we all have them) is I found the square out but the pattern was SO FAR AWAY that I was a little confused. WE LIKE TO SEE SQUARE OUTS IN TIME WITH CORRESPODING BUY OR SELL PATTERNS…. so what to do.
Well, well, well … today was an earnings call for AMZN (had no idea) and guess what after hours it went up and tagged the pattern on the day of the square out.
GO FIGURE … no idea what the earnings were or weren’t.
Be short AMZN below 122.
2 thoughts on “AMZN – April 27, 2023”
My weekly Amazon chart shows big time horizontal support at $102.0 going back to 01/09/2018
I forget to mention that Gann would probably consider that 09/2018 reversal as important enough to be used to begin a five year Anniversary Date. By the way, the method I use to analyze markets show both the monthly and weekly charts to be in an uptrend.