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Strategies & Market Trends : Point and Figure Charting

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To: The Perfect Hedge who wrote (6842)	9/6/1998 5:45:00 PM
From: Bwe	Read Replies (1) of 34809

Beeblebrox, AMZN is bearish. It's below the BRL and the July highs seem likely to stand for quite some time. I pointed out the High Pole Tops and Buying Climaxes in past Chartcraft Reports. AMZN had a HPT in July at $114 and another in July at $126. Both of those HPT's suggested strongly that the stock would move below a previous bottom which was $95. Owners of the stock saw that price, unfortunately , and a whole lot more. 52 boxes straight down in one move. Truly scary for longs I'm sure. The RS is bearish The long tail down pattern was good for a $36 upside play. Another confirming sell is awaiting at $80 and that would signal further downside action could be in store. The bearish price objective is $.50. That is not a typo. Best to you, Bruce

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