Amazon (AMZN) has a massive head and shoulders pattern brewing.
And it has the potential to get really ugly for this market if it confirms because with it, will be all of retail that gets dragged down as well.
For now, or today, I should say, it is bouncing, but if that bounce fails to hold in the coming days, and the neckline confirms by breaking this week's lows, then it will certainly weigh heavily on this market.
Speaking of technical charts, if you haven't done so yet, you need to access my Free Training course on chart patterns and how to trade them. You can do so by clicking on the picture to your right.
This could turn into a great short setup
If it does materialize, I'm not saying it will necessarily be an easy trade, but there is a reason to believe that it could drop to $850 before ever finding any support.
(Click on image to enlarge)
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