Lowering the Bearish Target on AMZN to $34

26 בנוב׳ 2022

A couple of years ago and earlier this year i identified and posted a Bearish ABCD that was visible on Amazon's Monthly and Weekly charts. In that time we've had a stock split but that has not changed the overall movement and targets. Adjusted for Amazon's stock split our target from the old setups are now $60-$65, however i have since become even more bearish for Amazon and am now targeting $34.10 as i believe that we will see a Massive Decline in Consumer Spending, Massive Declines in Inflation, and an overall Tightening of Amazon's Financials that will lead to them once again operating at or near a loss which will likely be reflected in its stock price by returning to 2014-2016 valuations.