We pointed this out in the weekly newsletter (http://steadytrader.wpengine.com/newsletter/) over the weekend, and today AMZN is off to the races higher again. At some point here soon a pause is due, but just so we've mentioned it…these inverted head and shoulders patterns are pretty to look at but don't work well (as with most things) if the whole world focuses on them. Case in point with AMZN. The stock has a beauty of a pattern forming but we would certainly not chase this one here. If it pulls back to the $190 vicinity we would consider a long stab. In a perfect world this pattern on AMZN would work up to $220 as a final price target.
