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Bullish Digestion Period for Amazon


If my intermediate-term work in Amazon (AMZN) continues to take the projected path out of its base formation, then the big move is directly ahead, suggesting that this week's pop from 185 to 194 represents merely the surge from a mini base within the larger, 4-month base formation.

The 3-session consolidation from the 194.41 high into this morning's low at 190.03 has the right look of a bullish rest-digestion period in preparation for the next up-leg that should confront key multi-month resistance between 196.50 and 200.50.

Only a break below 190.00 will compromise the timing of the anticipated next up-leg.

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