AMZN should be good for a run-up to as high as 1083 if it can push decisively above the recent record peak at 1017. For the moment, however, bulls can’t seem to get out of their own way. If the stock takes the path of least resistance and heads moderately lower over the next day or two, I’ll suggest bottom-fishing at the red line, a midpoint Hidden Pivot that lies at 977.11. This pattern is subtle enough that you can probably get away with a stop-loss as tight as 976.89. If the order fills and survives until the closing bell, you’ll be shooting for a minimum 1022.49, but possibly as high as 1055 or even 1083 before the stock runs into the kind of resistance that could end the long bull market._______ UPDATE (Jun 27, 3:23 p.m. EDT): I’d like to think I can nail tradeable swings in any stock within a dime, but this particular stock, especially now that it’s a $1000 number, may require a little more leeway. It rallied $7 today off a so-far low at 976.10 — a bounce that was certainly tradeable. But a simple limit bid using my 977.11 pivot and a stop-loss as tight as the one I’d advised — 22 cents! — would not have worked. In this case, the back-to-the-drawing-board solution would imply a ‘camouflage’ entry on the one-minute chart. There, we’d have looked for an uptrending abc pattern with perhaps $1.00 of entry risk per share once 977.11 was touched on the way down. Here’s a pattern that meets these criteria for all of you hard-core Pivoteers: a= 977.36 (2:22 p.m. EDT); b= 980.99 (6/27); and c= 979.74.
