Although we talked about shorting this stock just a few days ago, a second look during yesterday’s ‘impromptu’ session online convinced me there are better stocks to bet against. Better, perhaps, that we should attempt to get long using the pattern shown. If AMZN is consolidating for yet another push higher, we should see a bullish reversal from the p midpoint shown. It doesn’t yet exist, and it may not even come to exist, but you get the idea. _______ UPDATE (March 4, 1:30 a.m.): Amazon’s vital signs still look bullish following the recent failure of a downtrending abc to reach the p midpoint of the corrective pattern (see inset). The stock was a camo buy at the turn and will remain so on any impulsive opportunity that pops up on the lesser charts. _______ UPDATE (March 5, 9:43 p.m. EST): Stock met midpoint resistance yesterday, producing no decisive outcome (see inset). However, a two-day close above the 275.97 pivot would make AMZN an even-odds bet to embark on a climb to 296.96, the D target of the pattern. _______ UPDATE (April 8): The stock’s daily chart has turned impulsively bearish, with a worst-cased target of 242.05 over the near term. A two-day close beneath the midpoint sibling of that number, 254.71, would make the target itself an even-odds bet.
