1. Amazon is now in a ‘sell’ position for aggressive shorts and is expected to continue its current decline and test at/near $320, then at/near $313/$12 (or lower) into Jan. 2015. Intermittent rallies are expected on the way to completion of the $313/$12 downside target. Amazon closed yesterday (Mon., Dec. 1) at $325.93.
2. A daily (or weekly) close below $323.00 can be used for more normal short entry.
3. Any daily close above $336.00 will negate the above indication. Our protective buy stop is at $337.00. This stop will be moved lower as the market continues to confirm. Will update.
1. On Tues., Dec. 2 Amazon was placed in a ‘sell’ position for aggressive shorts for a tradable decline and test at/near $320, then at/near $313/$12 (or lower) into Jan. 2015. At the time of the report, Amazon was trading at approximately $326.80.
2. Today (Wed., Dec. 3), Amazon completed the $320 initial downside profit target and went on to a session low of $314.70, against $313/$12 final downside target.
3. While lower prices remain likely ($313/$12 (or lower) into Jan. 2015), today’s session low of $314.70 could be considered a completion especially since the market could take into Jan. 2015 to complete those targets.
4. Our protective buy stop has been lowered to $326.00. This stop will continue to be moved lower as the market continues to confirm.
1. Today (Thurs. Dec. 6) Amazon declined further and completed the forecast $313/$12 downside profit target noted in our Dec. 2 report (today’s session low, $313.47, so far). This completes the trade. Will message any further entry or indication in Amazon.