Amazon likely getting near collapse.

In this post I warned that AMZN shares were going almost vertical.  Whenever you see that, the best bet is to put in trailing stops of 5-7% and then just forget about it.  When you get stopped out, stay out until significant collapse has finished.  Go look at the hand drawn model I put in there.

Now have a look at the current chart.  So far so good.  It turned down right in the range I had modeled.  The chart is now testing support from above.  If it cannot hold this support, then it will have to test the lower support.  IF that also fails, this POS overpriced non dividend paying paper Ponzi will collapse to at least $160 and perhaps a good deal further.

I model the support being able to hold for the first test.  Then the shares will jump up a bit into a 2nd wave and when they come down from that 2nd they will be carrying with them the fearsome power of a 3rd wave that will have gaps down (AKA cliff diving).

Time will tell!