We’ve been using an 1181.56 rally target that comes from a 240-minute chart. This Hidden Pivot has been a rock-solid bet to be achieved since October 27, when the stock took a manic leap on earnings news. I’ll be looking for a tradable pullback when AMZN gets there, which it almost surely will, but we’ll want to keep a higher target in mind for the next major upthrust. The 1304.96 benchmark shown should suffice — not only as a potentially important price objective for the bull market, but as a trade-entry tool leveraging levels x, p and p2 to get long with risk tightly controlled. A ‘mechanical’ buy signal has already been tripped at p=1118.36 (the red/orange line), but it is not of the highest quality, so we’ll let it pass. If a less risky set-up takes shape, I (or perhaps another Pivoteer) will signal it in the chat room, so stay tuned.________ UPDATE (Nov 24, 9:46 a.m. ET): AMZN’s obligatory crazed leap today has brought it to within less than $1 of the 1181.56 target proffered above as a ‘rock-solid’ bet. The stock will be needing a rest here, and covered writes are suggested for anyone who has carried a long position. As always, though, we’ll let the stock tell us whether it is spent. If it pushes easily past this morning’s top, it would shorten the odds that the expected next big move, to exactly 1304.96, is under way.
