Amzon- Largest bearish reversal in 20 years takes place, says Joe Friday

joe friday just the facts kimble charting solutions

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-

monthly chart on amazon, chris kimble post


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)!


from Kimble Charting Solutions.  We strive to produce concise, timely and actionable chart pattern analysis to save people time, improve your decision-making and results

Send us an email if you would like to see sample reports or a trial period to test drive our Premium or Weekly Research




Questions: Email or call us toll free 877-721-7217 international 714-941-9381































via Read More Here..


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.