Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
There are no other words to describe the symmetry between these two chart patterns than simply beautiful.
I purposely left the scale and dates off the charts as to not distract your eyes. It is simply too powerful to ignore yet that is what many have done, self included over the past two weeks as the 200MA blurred our vision. A somewhat meaningless number took our eyes off the pattern playing out before us.
Again as to not distract your eyes I color coded three distinct phases (phase 1 in orange, phase 2 in purple and phase 3 in blue). Notice the symmetry once again. But to me what is most powerful at this very moment is the position of the last few candles and the moving averages.
Let me start by saying Amazon is one of the most, if not the most, well-run organizations I've ever known. We have done tens of thousands of dollars in business with them, and I can't think of a single unsatisfactory experience, even though there have been hundreds of opportunities. (This is in sharp contrast to Overstock.com, which I tried once, and I had a totally unsatisfactory experience, and therefore I shall never darken their doorstep again).
Anyway, AMZN broke a long-term support line last week.
Looking closer, you can see the damage was done on Friday. Given AMZN's huge run-up, the drop from its lifetime high looks like barely a blip, but the fact is that the stock is down 20% already, and it sure looks awfully vulnerable at these levels. I don't have a postion, but if it retraced to that trendline, it looks like a very high probability trade.