vlad.adrian
Short

Amazon - Tripple top in a downtrend

NASDAQ:AMZN   AMAZON.COM INC
195 2 5
Here is the weekly chart
snapshot
.

If you consider relative strength , Amazon is very weak. It used to be one of the strongest stocks on the Nasdaq, and while Nasdaq is at a new high, Amazon is struggling. I expect Amazon to correct severely. There is a diverging tripple top in a downtrend, with price standing at value on the weekly chart. I allready have a position taken at 324$, with a stop at 343$. My first target is at 290$. It depends how severe this correction will be for the whole market. It wouldn't be a surprise to see Amazon at 200$ in a couple of weeks.
11.07.2014 stopped out
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I can see the same, but do not concur, it is more likely we see 361 next and over there, we should watch the behavior of the pullback.
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