AMZN expanding triangle, head & shouders bottom
AMZN has a very nice base formation that is looking better as each day passes. The pattern you see labeled here is a "wipe-out" pattern that shifts psychology severely to the negative perspective. Notice how many drops and violations of previous lows there are in this chart. The "manic-depressive" nature of the swings wrings out most players from the stock, but in this case it punishes the bulls more due to the persistent, sharp declines that stop-out any speculators. This pattern provides a decent stop-loss protection under the 176 area with upside to the 206 area in a few weeks. This chart is a follow-up to the buy I placed on AMZN just over a week ago around the 179 level. Cheers and good fortune to all. By: Technical Tim, Wed, Jan 25, 2012, 3:28PM EST
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