It’s been a while since we looked in on this important bull-market bellwether, which is still on track for a shot at an 883.62 target that lies 15% above the most recent closing price of 769.00. The stock was a ‘mechanical’ buy on the June 27 pullback to the red line, a Hidden Pivot midpoint at 678.81 that served as resistance but which is now support. The opportunity to buy the stock ‘mechanically’ could repeat itself at the pink line, the pattern’s secondary pivot, but it would first require a decisive move past it to at least 806 or so. I’ve have sketched this hypothetically for your further guidance. AMZN has its work cut out for it to get there, but if and when it does, stay tuned to the chat room for real-time tips. If the trade sets up in the way that we might wish, it could afford us the chance to substitute call options for stock, which is priced beyond the means of most traders.
