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AMZN: Connecting the Dots on the Road to $2,000+

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Amazon (AMZN) has been a big winner for Redler All-Access in the past couple of weeks as it woke up around the $1875ish area to finally break $2,000 today.

If you read my 2018 Market Outlook Report back in December or January, maybe you saw my Amazon $2,000 call:

I closed out the last of my recent swing long this morning, but let's go back and see how we connected the dots in Redler All-Access.

Monday 8/27 Chart

AMZN wasn't leading the market last week, but it looked ready to get back in the game. We had a potential wedge-type pattern with one of the best companies on the planet.

I was long and looking to add if it could get above $1,919, then $1,925.

I thought that if it could close above $1,925, then $1,950-$2,000+ would be next. 

Tuesday 8/28 Chart

On Tuesday, AMZN was up $8-9 in the morning so I trimmed some.

However, I wanted to stay with some because $1,950-$2,000 was possible for this week.

Wednesday 8/29 Chart

On Wednesday, Morgan Stanley put a $2,500 target on AMZN, which had the stock gapping up nicely above the descending trendline.

I said that $2,000 could be a magnet in the sessions ahead, and AMZN managed to reach $1,998.69 on Wednesday.

Thursday 8/30 Chart

I sold the last of my AMZN long after the open today. After the big move from the $1,900 area, it felt more like a scalp than  swing long. It hit $2,025+.

Hopefully it sets up again for move to the $2058 area to celebrate the $1 trillion market cap milestone.