Hubert Senters here.
Let’s take a look at Amazon. Stock symbol is AMZN, I’m looking at a weekly chart. We can’t really do the same thing on a daily chart.
Full disclosure, I’m long AMZN in my invest account, in my longer term holds.
What I’m looking to figure out, where do I think the potential targets are for this thing?
So, you can use a tool in TradeStation or whatever platform you have, either called a Fibonacci Extension, or a Fibonacci Projection. I’ve seen it called both, so there’s no right or wrong term.
So I’m going to grab the tool, I’m going to highlight the low right here, and this is going to be my high right here, and then this is going to be my second low.
The tool that I’m using in TradeStation is called a Fibonacci Price Extension Lines. I’m drawing from Point 1, to Point 2, to Point 3, and then this is going to project a higher price for me to predict where Amazon could go. So the next targets I’m interested in are 1378, 1476, and 1536.
So that’s what I’m looking for in Amazon.
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