The long-term charts point as high as 657.38, but AMZN will first have to prove its mettle by taking on lesser targets, most immediately the 541.59 midpoint Hidden Pivot shown. The stock stalled there on Friday — precisely — but a decisive push past it on Monday would put the 563.29 target of the pattern in play. As a business bellwether Amazon’s performance matters a great deal, since it is a real company selling real products and growing aggressively by plowing profits back into an already commanding distribution network and product line. Traders please note: As always, crystal-clear p, p2 and D pivots such as we have here could provide ‘mechanical’ entry opportunities from either the long or the short side the whole way up. Ask in the chat room if you need further guidance. _____ UPDATE (October 15, 10:45 p.m.): The stock has rallied $23 since the tout above went out five nights ago, hitting a high so far this evening of…563.32! If it gets past that Hidden Pivot, and then another at 564.59 that is the midpoint resistance of a larger pattern, we could see as high as 589.28 in the week ahead. You can locate that target on the daily chart, where A=451.00 on 8/24. Although there were some good ‘mechanical’ opportunities to get long in anticipation of a rally to the 562.29 target, there were no reports in the chat room of anyone having done so, and so I did not establish a tracking position. _______ UPDATE (October 19, 8:10 p.m. EDT): The stock has rallied $40 since the forecast above was sent out a week ago. Monday’s high at 579.00 came with $10 of the 589.28 target, which remains valid as a minimum upside objective for the bull cycle begun on September 29 from 490. Since no subscriber has acknowledged holding a position, I haven’t established a tracking position. However, you should be prepared in any case to get short at or near 589.28, since it is a Hidden Pivot resistance that looks likely to show tradable stopping power.
