The goliath as topped (for this cycle anyways). I have been looking for this top for a while and AMZN and FB were both kind enough to give them to us at the same time. Merry Christmas 2016.
This link shows my swing short idea of shorting AMZN here. I have a strong conviction that this AMZN weakness is going to continue ahead. December rounded out an inside month as you can see on the chart below. I have a feeling this is going to break down.
With the above chart breaking down you can see we have a long way to go. The weekly chart below looks even more gross. AMZN is now under the 20 week MA closing off an outside reversal week on the dead lows. That is not good.
First target is 700. If that doesn’t hold then I see 600 fast. Overall I would bet that AMZN goes down 200 points before up 100 points from here. I am looking for under 600 in 2017 and could be lower.