Bottoming Period for Amazon

Mid-Day Minute for Thu January 5th 2012
by Mike Paulenoff, www.MPTrader.com

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My pattern and momentum work argue strongly that Amazon (AMZN) completed a major corrective process at its Dec 29 low at 16.97 off of its Sep 20 high at 244.30.

All of the action off of last week's low at 166.97 represents the initiation of a bottoming period that should morph into a powerful recovery upleg into the 200-210 initial target zone.

Only a violation of 166.97 will invalidate my current outlook.

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions. Sign up for a Free 15-day trial to Mike's ETF & Stock Trading Diary.

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