Amazon: Bullish Butterfly stalling at 78.6% retracement

MrTopStep.com

                          

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SNAGHTML33d0b56

SNAGHTML33d0b56

Amazon completed bullish Butterfly at 218.18 and has been in retracement mode with minimal pullbacks.  Since the retracement began, price is stalling at a key retracement level.  Currently price in triangular contraction, expansion to upside has significant resistance test at double top 264.11.  Expansion to downside has ideal pullback targets at the GRZ (golden ratio zone) fibs 241.27 to 232.46 for harmonic purposes.  So initially watching for contraction break and hold for which scenario clues.  Momentum divergence supports the pullback scenario.

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