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Short-term Elliott Wave view in Amazon (AMZN) recommends the rally from 10.26.2023 low is unfolding as a 5 waves impulse. Up from 10.26.2023 low, wave (1) ended at 155.63 and pullback in wave (2) ended at 144.05. The stock extended greater in wave (3) which is proposed total at 189.99 as the 1 hour chart listed below programs. Wave (4) pullback is presently in development as a zigzag structure. As soon as wave (4) is total, anticipate the stock to extend greater in wave (5 ).
Below wave (3 ), wave A ended at 185 and rally in wave B ended at 188.69. Wave C lower is anticipated to finish at the blue box location of 180.59– 183.68. This can likewise end wave (4) in greater degree. The stock ought to then either encompass brand-new high in wave (5) otherwise a minimum of rally in 3 waves. Please keep in mind nevertheless that the 23.6– 38.2% retracement of wave (3) is still lower at 172.2– 179. Therefore, if the pullback is truly in wave (4 ), there's a possibility that the pullback might end up being a bigger double correction or a bigger zigzag structure in 3, 7, 11 swing before ending wave (4) and turning greater.
Amazon (AMZN) 60 minutes Elliott Wave chart
AMZN Elliott Wave [Video]
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