FX.co ★ Technical analysis for Amazon for April 27, 2022

The Tech giants are having a difficult time. After a stellar 2021 where the central banks pushed out massive amounts of liquidity from which the tech giants benefited the increasing inflationary pressure pressed the central banks to halt the liquidity flow which now is hitting the equity markets. As we entered 2022 we knew that the tech giants were running empty for fuel and it just would be a matter of time before Livermore Accumulation Cycle was complete and point 10 was in place and a lengthy corrective decline would take over. The top-point no. 10 was put in first thing in late November 2021 and Amazon has since been under downward pressure and is headed for point 13 in Livermore's Accumulation Cycle. Ideally, point 13 is found near 2,352.