My technical work in Amazon (AMZN) continues to "warn" me that AMZN has unfinished business on the upside and that its pattern is "missing" another upleg into the 222-225 target zone, and possibly to 230-235, prior to the need for a larger, deeper corrective period.

Let's notice that despite the two-way volatility in AMZN since Apple (AAPL)'s earnings on Tuesday evening, the pattern in AMZN nonetheless continues to exhibit a series of higher highs and higher lows off of its June pivot low at 181.59.

The most recent coordinate in the higher low series occurred this morning at 211.11. As long as 211.11 contains any forthcoming weakness, the technical set-up argues for new highs in the upcoming hours/days.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.