The stock has trampolined off a low that fell well shy my 1599 target. If the wilding spree continues on Monday without dipping beneath the 1792.60 point ‘C’ low (see inset), the pattern shown, with an 1871.91 target, can serve as a template for initiating ‘mechanical’ longs. It could work for shorts too, but we should avoid getting in the way of the stampede until such time as it shows signs of fatigue. More attractive would be a classic mechanical set-up to get long following a pullback from above p=1832.26. That’ll be our minimum upside objective if and when 1812.43 gets hit. _______ UPDATE (Jun 10, 9:13 p.m.): A rally target and recommendation to get short that I posted in the trading room at 11:52 caught the top of a so-far $25 reversal within a hair. The stock could bounce briefly overnight or on the opening bell, but look for it to plummet anew when buyers are done.
AMZN – Amazon (Last:1860.63)