AMZN is in 5th wave down

Techs were weak all day today, not participating in rally. The most notable laggard has been AMZN. This is a very surprising development, because the holiday season is usually Amazon's strongest time of the year. I am not going to argue with the market though.
Ever since it hit 2011 high on Oct 17, AMZN has been in a downtrend. I believe that 5th wave down has started, and will possibly take the price down to fill 3 open gaps.

Following is the chart. You can see a broadening rising formation, which was a bearish signal. There are multiple trendlines which were broken, leaving the price vulnerable to drop down to supports  beneath. AMZN ran into 200 dsma (red) and gap fill, and has sold off hard. I highlighted possible targets below (in yellow). Price is traveling down in a falling wedge pattern, which I think will eventually become a bullish reversal signal, on the break of the downtrend. In order for this 5th wave to be negated, price has to get above 200 dsma.



AMZN 5-Wave Sell-off
(click on chart to enlarge)