FX

Elliott Wave view: Amazon (AMZN Stock) should continue impulsive rally [Video]

Short term Elliott Wave View in Amazon (AMZN) suggests the rally from May 11, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from May 11 low, wave ((1)) ended at 3312 and pullback in wave ((ii)) ended at 3172.2. The stock then resumed higher in wave ((iii)) which ended at 3524.86. The internal of wave ((iii)) unfolded as another impulse in lesser degree as the 1 hour chart below shows.

Up from wave ((ii)), wave (i) ended at 3212.36 and pullback in wave (ii) ended at 3187.89. The stock resumed higher in wave (iii) towards 3507, wave (iv) pullback ended at 3434, and final leg wave (v) higher ended at 3524.86. This completed wave ((iii)) in higher degree. Wave ((iv)) pullback is now in progress to correct cycle from June 8 low before the rally resumes. Internal of wave ((iv)) is in progress as a zigzag structure where wave (a) ended at 3430.85. Expect the stock to bounce in wave (b), then turns lower 1 more time to end wave (c) of ((iv)) before the rally resumes. Potential target for wave ((iv)) is 23.6 – 38.2% Fibonacci retracement of wave ((iii)) which comes at 3389.4 – 3440.7. Near term, as far as June 8 pivot low at 3172.6 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.

Amazon (AMZN) 60 minutes Elliott Wave chart

AMZN

AMZN Elliott Wave video

Articles You May Like

Despite endless media appearances, SBF unlikely to testify on 13th
🔥 INSANELY EZ TRADING 🔥 SYSTEM #forex #trading
Markets Directionless, CAD Awaits BoC
Gold rate today: Yellow metal hits 5 month high, silver tops Rs 67,000 on MCX
🔴Live Forex Trading Price Action & SMC 👀 (GOLD, GBPJPY, NAS100) 30 SECS SCALPING – DEC 1ST 2022

Leave a Reply

Your email address will not be published. Required fields are marked *