Amzon- Largest bearish reversal in 20 years takes place, says Joe Friday
Just the Facts….Amazon has done well for years and years and the trend remains up. This past month something took place in AMZN that has not happened in the past 20-years, see chart below-
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The Power of the Pattern applied Fibonacci to the lows in 2001 and highs in 2013 at each (1) and looked to see if any Fibonacci Extension level could come into play, that could impact the price of Amazon. The 261% Extension level came into play near the $1,007 level.
Joe Friday Just The Facts– Amazon last month, created the largest bearish reversal pattern, since the highs back in 1999!
For sure, one months action does NOT make a trend. In 1999 when AMZN created a large bearish reversal in lost over 50% of its value the next couple of years. The past months huge bearish reversal pattern does not mean it will lose 50% again. Joe’s point is this...AMZN is a global leader and for some reason this reversal pattern last month at the Fibonacci extension level, could be presenting a very important clue about future prices for this stock and broad market in general.
Amazon bulls want to see support hold at (3)!
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