We should give the rally the benefit of the doubt, since the stock easily gapped through a bullish entry trigger at 560.86 on Friday’s opening bar. The leap projects to at least p=573.83, but more upside to D=599.75 should be inferred if p is easily surpassed. The 573.83 midpoint pivot of the pattern would thereupon become a place to position a ‘mechanical’ bid, stop 569.51, for a shot at 586.79, with additional potential over the near term to as high as 599.75. Because AMZN is a key bellwether, the bullish look of its intraday charts confirms and corroborates my bullish expectations for the broad averages. For very precise details, check out Monday’s tout for the E-Mini S&Ps. ______ UPDATE (March 14, 11:11 p.m.): AMZN looks to be staging for a run-up to p2=586.14 (see inset). Traders should watch for a ‘mechanical’ buying set-up from this Hidden Pivot that meets our simple rules, since the payoff for a successful entry could be as much as $2500 per round lot. _______UPDATE (March 20, 10:46 p.m.): The stock has gone nowhere for the last month, even as the broad averages climbed. This suggests AMZN may have outlived its usefulness as a bellwether. Now, if it falls to the green line, that would trip a theoretical sell signal and indicate more downside over the near term to at least 543.99. In practice, however, we should wait to short the stock ‘mechanically’, implying it will need to fall to around 535, then rally back to the green line, before we get aboard. ________ UPDATE (9:09 p.m. ET): The stock finished the day with a ‘camouflage’ rally on the 30-minute chart and a theoretical entry signal at 552.97. Use these coordinates to get aboard at x=552.97: a=543.37 (3/21 at 12:30 p.m.); b=555.24 (3/21 at 3:30 p.m.); and c=550.00. Minimum objective: p=555.94. ________UPDATE (March 22, 9:47 p.m.): The trade has exceeded my expectations, but because no one mentioned it in the chat room, I have not established a tracking position.
