Bottoming Period for Amazon
My pattern and momentum work argue strongly that Amazon (AMZN) completed a major corrective process at its Dec 29 low at 16.97 off of its Sep 20 high at 244.30.
All of the action off of last week's low at 166.97 represents the initiation of a bottoming period that should morph into a powerful recovery upleg into the 200-210 initial target zone.
Only a violation of 166.97 will invalidate my current outlook.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.