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e like Amazon shares as much as the next guy, although we’re not too keen on what the retail landscape is going to look like in a decade, when this company has finally succeeded in destroying all competition. So what is the stock up to as the broad averages continue to show signs of a major topping process? The picture-perfect pattern shown implies that a fall of at least $15, or 5.7 percent, over the near-term is very likely if p is beached decisively. Traders should position from the short side on a breach of the 259.75 midpoint. It was penetrated by a dime at yesterday’s low, but that is not yet enough for us to infer that a further fall to its ‘D sibling, 245.21, is a done deal. That last number will of course be a good place to try bottom-fishing with a very tight stop-loss, regardless of what our expectations are at the time for the broad averages. _______ UPDATE (2:16 p.m. EST): Chat-roomers appear to be taking shots at getting short in this stock today, but the recommendation above wasn’t meant to be implemented in shoot-from-the-hip fashion. To give you an idea of how subtle an entry opportunity you should be looking for, and to allow you to determine whether your technique is up to speed, here is the first short I was able to find that was signaled on the one-minute chart via a pattern that meets all of our rules: A=259.19 at 11:00 a.m. EST; B=257.36 at 11:09 a.m.; and C=258.10 at 11:10 a.m.
