AMZN is perhaps the most crowded trade today. Alone, this company has provided 40%+ of S&P's gains in the past year, which is not sustainable long term. On the Weekly and Daily charts for AMZN, a series of bearish RSI divergences have formed while price has continue to move higher. Daily stochastic has topped off, and I believe there is a high probability of a correcting wave that will drive the stock down to my short term target of $1130.
Looks like Bulkowski's Ending Diagonal. Should the pattern be confirmed, we could see upside to $2014 by September 7th/10th.