AMZN Rallies Off Symmetry Support

We highlighted a nice symmetry setup in AMZN that started on November 12. The key support came in at the 3439-3449 area. Once we saw a hold of this zone followed with a buy trigger on the 15 or 30 min chart, it was ok to take the longs overnight. 

So far we've seen a rally of $312 from that key support. It's time to ratchet up stops on longs now since we have met the minimum upside targets off this support. I also have time resistance to this move between now and early next week!

Carolyn Boroden, who is renowned for her expertise in Fibonacci price and timing analysis, hosts the Fibonacci Market Analysis service at ElliottWaveTrader.