Strong Countertrend Trade In AMZN

Feb 9, 2023 - 4:29 PM EST

Counter trend trades are not popular with everyone. I typically suggest that newbies avoid them as they are only for the nimble traders.

We have an example of a setup that came in on AMZN early January. We saw a combo of Fibonacci Price extensions and a symmetrical projection down from another swing that came in that gave us a price cluster decision in the 80.88-82.06 area.

That zone hit and held on January 6, and from there the stock rallied $32.57 into last Thursday's (February 2) high at 114.

Note that when the 5/13 ema combo moved into a buy mode, with the 5 crossing above the 13 ema, we had a nice move on the upside.

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