1. Our previous Thurs., Aug. 14 live meeting indicated new long entry in Amazon (current price, $331.70) for a forecast advance to $346/$47.
2. On Aug. 27 Amazon completed the advance, topping out at $346.67. This completed the trade. Will message any further entry or indication.
1. In Thursday’s (Aug. 14) Williams edge stock meeting it was noted that Amazon (then trading at approximately $331.70) could be bought at the then current price for a later test/attempt $346/$47 (or higher) into next week, the week of Aug. 18 (+1 week).
2. Since the meeting, Amazon has made a new recent swing high at $335.00 and is reacting off that level (current price, $331.78).
3. The next important daily top in Amazon is due Monday, Aug. 18 (+/-1 day). A multi-day reaction off that top is expected.
4. Longs based upon the above should continue to hold for higher prices into next week and beyond. A weekly close above $332.70 is the stronger position but a close below that level this week does not negate the larger forecast.
4. Initial long position exits should be taken at/near $339. Further exit taken at/near $345/$46. Any remaining position should be held for the possibility of higher prices to be messaged in a subsequent update.
5. Initial protective sell stop should be placed at $324. This stop will be moved higher as the market continues to confirm.