$AMZN Remains In Its Markdown Phase: Here Are Two Targets

For over a year, Amazon underwent a long distribution. And since failing from that structure, it has entered a markdown, and it does not look complete. They don’t take that amount of time to distribute a stock, then drop it slightly from that structure, only to prop it right back up again. We have a ways to go still.

In the decline, I see no fib relationships at the October low, regardless of which highs and lows I try to choose for the wave labels. That inclines me to believe we will head lower until we reach a good relationship.

Equality between Pink A and Pink C will happen at the bottom of the box, and a 78.6% relationship will happen at the top. Afterwards, we will likely see a much longer-term rally, probably something of a yawning arc back close to where we are now, before possibly failing again.


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