We were looking to do some bottom-fishing if AMZN fell to a promising-looking correction target at 938.17, but the stock instead carved out a choppy bottom well above that last week and now looks headed to 983.59 most immediately. That’s the midpoint Hidden Pivot resistance of a pattern projecting to as high as 1016.18 over the near term. I’m not recommending any trades at this point because I want to see how the rally interacts with the midpoint pivot. I am skeptical that the implied $38 rally to the target is coming, however, since, even if the stock merely flirts with that number, it would be indicating more upside to a 1083 target first broached here a while back. That is a very major Hidden Pivot, and although there is nothing in the charts to suggest it won’t eventually be reached, I’m going to advise caution because of the nutty, tortuous nature of the correction that has obtained since June 9. As always, I’ll remind you that this stock holds the key to the bull market, and that getting it right will allow us to avoid being trapped either by a head-fake or a shakedown. For now, all eyes on 983.59._______ UPDATE (Jul 10, 10:10 a.m. EDT): Bucking a lackluster tech sector, AMZN has blown past 983.59 with ease this morning. This makes a minor target at 1016.68 broached here earlier a shoe-in as far as I’m concerned. Once above this HP resistance (daily chart, A=950.86 on 6/15), there will be no stopping the stock until it hits 1083, a major Hidden Pivot target that looks likely to produce a top.
