After trapping bulls with a gap-up rally on the opening Friday, AMZN headed south, presumably bound for the 1739.21 target shown. The bounce we can expect from that midpoint Hidden Pivot support is likely to be tradeable, but I’ll leave it to you to fashion an appropriate ‘camouflage’ or ‘mechanical’ entry strategy that can get you aboard with risk tightly controlled. A two-day close beneath the pivot would imply more slippage to as low as D=1633.42, a possibility that would be tradeable using the Hidden Pivot tactics at our disposal. The easiest trade I could foresee at the moment would be a ‘mechanical’ short from x=1792.00. I will signal it in the chat room and via email if our criteria are met._______UPDATE (Oct 22, 6:19 p.m.): Bears failed so miserably to push the stock down to p=1739.21 that Monday’s price action must be judged at least somewhat bullish. Their doomed struggle reminds us that buying shares of AMZN is institutional investors’ one-trick pony and that we should be getting used to it by now, especially when most other stocks are falling. Here’s a fresh chart that shows it all. _______ UPDATE (Oct 23, 10:58 p.m.): It would take a rally exceeding 1896.68 to turn the hourly chart decisively bullish again. Even so, we shouldn’t resist the lunatic rallies in this stock too aggressively, since they are stage-managed to take no prisoners.
