Although we are technically justified in using the 1415.62 Hidden Pivot shown as a minimum downside target, it would seem that bulls are not about to go quietly into the night. The pattern shown does not warrant a ‘mechanical’ short if the stock should rally to the green line, since the downtrending B-C leg did not fall quite far enough. Actually, I’d be tempted to buy a pop at 1688.62, given that the turn would have come almost precisely from a midpoint pivot. That is usually a sign that the countertrend is just that — i.e., corrective. We’ll cheer from the sidelines for now, but the 1415.62 target will obtain until such time as 1779.62 is exceeded to the upside. _______ UPDATE (Dec 12, 9:44): We’ll continue to observe — unless tedium does us in first. Although that’d be unusual for this wacko-powered stock, it has achieved no net gain over the last two weeks. _______ UPDATE (Dec 14, 11:41 p.m.): AMZN dipped below the 1597.83 midpoint Hidden Pivot support for the second time this week, probably by enough to make more slippage to at least p2=1506.83 likely. You can bottom-fish there if you’ve been short for at least a portion of the ride south._______ UPDATE (Dec 17, 10:06 p.m.): The stock bounced from 1505.01, a hair beneath the minimum downside target given above. However, the rally would need to hit 1620.41 — the sooner, the better — to hint it’s capable of getting legs. That’s a tick above a minuscule ‘external’ peak discernible on the 15-minute chart. Alternatively, a close below 1506.83 would grease the skids to as low as 1415.83, a Hidden Pivot target that I posted in the chat room today. _______ UPDATE (Dec 19, 9:33 p.m.): With today’s brutal reversal, the 1415.83 target looks like it can’t miss. Expect a precise, presumably tradeable bounce there, since AMZN delicately kissed p and p2 on the way down. Here’s the chart. _______ UPDATE (Dec 20, 9:54 p.m.): If 1415.83 gives way, use 1355.03 as a new target. ______ UPDATE (Dec 24, 11:37 a.m.): AMZN having crushed the 1355.03 support, my new target is 1227.17 — a glow-in-the-dark, ain’t-no-doubt-about-it, you-can-take-this-one-to-the-bank Hidden Pivot.______ UPDATE (Dec 26, 6:44 p.m.): As ferocious and intimidating as today’s rally was, it did not remove the 1227.17 downside target from consideration; that would take a print above C=1784.00. As a practical matter, however, we should abandon the bearish idea if buyers push the stock above 1584.83. That’s where an important ‘external’ peak was recorded December 19 on the way down. _______ UPDATE (Dec 27, 6:54 p.m.): Look for the rally to continue to at least 1500.46 (15-min, a=1363.91 on 12/26), or to 1529.92 if any higher. That would still fall shy of the bullish benchmark noted in my last update.
