One of the traders in the SharePlanner Splash Zone was asking me about Amazon.com (AMZN)’s chart, and while without looking at it I remembered it had been stuck in consolidation since its earnings, (yeah, I have a huge swath of chart patterns, unintentionally memorized in my head, where more important things should probably be kept), but what I didn’t know is that on the 30 minute chart it had an incredible, and I do mean incredible, head and shoulders pattern forming on the 30 minute chart.
Basically if it breaks $658 – the neckline of the pattern – then price is likely to move on from the head and shoulders and start touching its knees and toes in the $630’s.
