ajtj99's Market Pulse

[ajtj99]

AMZN is testing the lower fork on the weekly chart. It has nearly hit the .786 re-trace off the lows, and the indicators on the weekly are pointing down. It doesn't look real promising here.

http://stockcharts.com/def/servlet/SC.web?c=amzn,uu[h,a]waclynay[pc9!c13!c20!d20,2!h.02,.20!c50!c100...

The daily fork chart supports your view of a test of the 39-40 area:

http://stockcharts.com/def/servlet/SC.web?c=amzn,uu[h,a]daclyyay[pc9!c13!c20!d20,2!h.02,.20!c50!c100...

I agree Max Pain appears to work best at about 46 for AMZN, but the re-test of the March lows needs to show some positive divergences for that to be more than a dead cat bounce, IMO.