The weekly analysis also suggested AMZN was correcting, not topping, and the RS line had formed a continuation pattern (line c and d).

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The next seasonal low in February 2008 coincided with the completion of a continuation pattern (line 3) as crude oil then accelerated to the upside.

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Two weeks later it overcame the resistance at line b and completed its continuation pattern.

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The weekly chart shows that FXE formed a continuation pattern early in 2012, as the break of support (line b) signaled another wave of selling.

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As noted last week, the Financial Select Sector SPDR ( XLF) closed below its short-term uptrend, line e, which completed what appeared to be a continuation pattern.

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