So Amazon founder Jeff Bezos is now worth $100 billion. Will he be the world’s first trillionaire? Not likely, although he appears destined to become wealthier by perhaps a few more tens of billions in the weeks and months ahead. That is the implication of today’s chart, which shows Amazon to have slightly exceeded an 1181.56 rally target we’ve been using for a while. Ordinarily, such a small overshoot would not be significant. But in this case, the pattern that produced the 1181.56 target is so clear and compelling that we must assume that its breach, however slight, portends more upside to a Hidden Pivot resistance of still-larger degree. That means 1304.96, a target first broached here last week. It represents an almost 10% move from these levels– sufficient to grow Bezos’ bank account by enough superfluous wealth to purchase Lichtenstein, or 50 million accordions…or mineral rights to Mars. Even if he just sits on the money — as what else can one man do with such a sum? — it will elevate bull-market hubris to a threshold beyond imagining just a few short years ago. _______ UPDATE (Nov 27, 9:32 p.m.): Trading note: A pullback to 1118.36 would trip a ‘mechanical’ buy signal, stop 1056.16, for a shot at the 1304.96 target.______ UPDATE (Nov 29, 10:28 a.m.): Interesting, to say the least. AMZN is arguably in a Matt’s Curse plunge, down $62, or 5%, since peaking almost exactly at an important ‘secondary Hidden Pivot’. This is exactly the price action Matt has observed, although he is still collecting data to determine how consistently “The Curse” works. _______ UPDATE (10:44 p.m.): Cancel the ‘mechanical’ bid at 1118.36 and replace it with a bid at x=1025.05, good-till-canceled. The stock is coming down so hard that I am wary of trying to catch a falling piano. It’ll be less risky to do our bottom-fishing at the green line rather than at the red-line, midpoint pivot. _______ UPDATE (Dec 4, 5:59 p.m.): No change in my guidance. The so-far minor downtrend projects to 1111.43 on the hourly chart (a=1213.41), but be prepared for a little more slippage to 1109.00 if 1111.43 can’t hold. You can bottom-fish the lower number with an 1109.10 bid, stop 1108.59, but you’ll be on your own if the order fills.
