AMZN: Don't Stop Believing

Jan 6
On Dec 26th I had mentioned that if the markets cooperated AMZN could reach the 1540-1570 area. We go the run to 1550 or so and then a shallow PB to target the .618 fib at 1592. For now, I would say that the 1545-1555 area should provide some support but the bullish trend remains above the 1511-1518 area. IF it can get above the 1618 area then 1670 and then the 1730 area comes into play.
Comment: AMZN nearly closed the open gap at 1643. IN any case, there was no question of coming into support mentioned yesterday as it gapped up and continued . We now have 2 gaps unfilled.. so I would be watching carefully. For now VST 1577 is symm support and gap fill and below around the 1500 mark though ideally, any PB should stay above 1517- 1518. A break of 1577 could send it down to the 1500 area in a hurry.
Comment: One again AMZN gapped up but this time the gap closed. We held VST support in the 1618 area. 1582-1577 area of support still remains. WE closed the 43 gap from before and even touched the 786 fib and then some before retreating. That also coincided with the daily downtrend line. Now lets see what gives. With AMZN you can never tell.The ST charts suggest a PB but given how neurotic the market moves have been I am not front running this. All I would say is be careful. Above 1670 opens up 1740. Lets just say that below 1550 the upside targets become a bit suspect


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