Amazon.com (NASDAQ:AMZN) is coloring in the top third of the red rising wedge. That represents a super extended move and is a Neely tell of a major top forming.
AMZN could continue moving up the rising wedge, extending it into its very tip. Or it could start a small fast megaphone inside the wedge to work the price to the wedge bottom before breakout into a crash from here.
Or it could extend the rising wedge into its tip then crash to the implied price channel bottom and make a new high from there before collapsing to the wedge bottom.
The first technical target for a correction is the rising wedge bottom at roughly 500. Ultimately AMZN has to work its way back to the bottom of the purple rising megaphone at 100 as well. But the route to that target could be very complicated and even include a new all-time high from 500 en route.
Unless some disaster is about to befall AMZN (like an antitrust suit and break-up), the most likely scenario is a drop to roughly the rising wedge bottom to establish a new megaphone trading range across roughly 600. Some years down the road, from a new high, that megaphone could include a drop to 100.