Short term Elliott wave View in Amazon (ticker; AMZN) suggests the decline from 12.1.2022 peak is in progress as a 5 waves impulse. Down from 12.1.2022 peak, wave ((i)) ended at 94.92 and wave ((ii)) rally ended at 96.45. Stock resumed lower in wave ((iii)) towards 87.90 and wave ((iv)) correction ended at 88.88. Final leg wave ((v)) ended at 87.45 which completed wave 1 as the 45 minutes chart below shows. From there, wave 2 corrective rally ended at 96.26. Internal subdivision of wave 2 took the form of a zigzag Elliott Wave structure. Up from wave 1, wave ((a)) ended at 91.39, wave ((b)) ended at 87.87, and wave ((c)) ended at 96.26.
Stock resumed lower in wave 3 with internal subdivision as an impulse. Down from wave 2, wave (i) ended at 90.52, and rally in wave (ii) ended at 93.46. Stock then extended lower in wave (iii) and should complete with a few more lows. The stock should then bounce in wave (iv) before another leg lower in wave (v) to complete wave ((i)) of 3. Near term, as far as pivot at 96.26 high stays intact, expect rally to find sellers in 3, 7, or 11 swing for further downside.
