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What Next for AMZN After its Whipsaw Reversal in Reaction to the WFM Deal?


Friday June 16th, 2017
What Next for AMZN After its Whipsaw Reversal in Reaction to the WFM Deal?
by Mike Paulenoff www.MPTrader.com

Amazon.com, Inc. (AMZN) certainly looks like it has carved out a big Double-Bottom correction off of its June 6 high at 1016.50.

Today's thrust from the 946.11 low immediately after the announced purchase of WFM, to a spike-high of 997.00, formed the right side of the pattern, which crossed the "neckline" at 990, triggering upside follow-through potential to 1020, and then possibly to 1040.

Only a sustained break below 970 will compromise the developing bullish near-term set-up. Last is 893-894...

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