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.

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