The 975.80 correction target shown is clear and compelling — sufficiently so that we should continue to use it as a minimum downside target for the correction from July 27’s record-high print at 1083.31. Plan on bottom-fishing the target if and when AMZN falls to 976.50 or lower. You can use weekly call options at the 1000 strike with at least 10 days left on them. Alternatively, a pop exceeding 1006.40 by mid-week would not negate the target, but it would put the short-term bearish case on ice. I will continue to monitor this stock closely because if we get it right, we will get the stock market right as well. In that regard, a bullish reversal in AMZN this week could be expected to add nitro fuel to the Dow Industrials’ already impressive rally._______UPDATE (Aug 7, 4:29 p.m.): I never want to find myself in the position of hoping AMZN gets trashed, so let me acknowledge forthrightly that this hot-air balloon simply doesn’t want to go down. The 975.80 target seems likely to get stranded at this point, although the stock seems in no hurry to leave bears choking on dust as it always has. _______UPDATE (Aug 9, 7:08 p.m.): The stock finally fell almost exactly to my target and has since bounced $7. If anyone got long based on my guidance, please let me know in the chat room so that I can determine whether to establish a tracking position._______UPDATE (Aug 10, 11:59 a.m.) With the stock breaking down on the opening, trading for around 976, I posted a 950.54 target in the chat room at 9:42 a.m. The target is still looking pretty good. Bottom-fish there aggressively if you’ve made money being short on the way down.