AMZN in Wyckoff Distribution Pattern - Sell-off is Upon Us

29 May 2021

AMZN

For a while, I've been staring at this AMZN chart trying to determine if this is an accumulation pattern or distribution. I'm convinced now by the uptrend and negative volume with red bars dominating more than green that this is BEARISH. Get ready for a major drop. The first test support will be 3000 and according to my other analysis, I expect a crash coming that will begin in June.

I'm anticipating a death cross of the 50- and 200-day Exponential Moving Averages on July 2.

Please note that I am not a financial advisor. Do your own diligent research.