Night_Trader

Double top at Amazon

Short
BATS:AMZN   Amazon.com, Inc
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Amazon had a strong double top formation and it looks like more movement to the downside. There are 2 possibilities either to go short here a bit below the 50% retracement or to wait for a second leg up, which could result in a gartley pattern completion around the 78.6% retracement . With the last one the risk - reward is much better, but you could miss the move if it does not go up there. I would put the stop in either case just above the 88.6% retracement .
If amazon gaps down big on tuesday I will not chase the trade wit stocks because the R / R will become lower than 1:1.

Comments

That was a ride ! But finally we have the target.
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I am in.
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