I’ve been using an 1843.29 rally target to keep subscribers aggressively on the right side of AMZN’s relentless surge, but today’s chart shows what’s possible if the stock blows past it. Price action at the ‘p’ midpoint pivot (1680) has not been so precise that I can guarantee the stock will hit the D target within the usual dime or two and then tank. However, the pattern underlying the target is sufficiently clear and compelling to suggest that the number 2007.92 will be useful to us, especially for shorting cautiously against a seemingly unstoppable trend. For now, though, I’d suggest focusing on 1843.29 as a minimum upside objective. I’d be surprised if this ‘hidden’ resistance gives way easily, but if that happens, the 2007.92 target would be well in play. More immediately, expect more upside to at least 1863.39 over the near term if 1843.29 falls in less than an hour or two.
Rick’s Picks trading ‘touts’ are for educational purposes only. Past performance is no guarantee of future performance. (See full disclaimer at https://www.rickackerman.com/)