AMZN Potential Inverse Head and Shoulder

AMZN gapped down today and is currently trading near the 0.78 fib extension (1492). We believe that the break of the 1500 psychological support level could be a potential dip buying opportunity. We have highlighted an inverse head and shoulder and a RSI bullish divergence on this chart. At current levels, AMZN is a good candidate for a short term bounce. However, the market weakness as a whole may lead to further sell off and invalidation of the inverse head and shoulder patteAMZNrn.