Amazon.com Inc. ( $AMZN) Found Buyers At The Blue Box Area As Expected.

5 Wave Impulse Structure + ABC correction

$AMZN Daily Elliott Wave Chart 8.04.2024:

Here is the Daily Elliott Wave count from 8.04.2024. The 5 wave impulsive cycle from 3.13.2023 ended on 7.08.2024 at red III and started a pullback to correct it. We expected the pullback against 3.13.2023 low at $88.06 to find buyers at the blue box area at 165.96 – 150.65 in 3 swings.

$AMZN Daily Elliott Wave Chart 8.18.2024:

Here is the latest Daily update from 8.18.2024, showing the rally taking place as expected. The cycle from the peak at red III has ended and the stock has reacted higher from the blue box area allowing longs to get risk free. The stock is expected to remain supported with a target area towards $213 – 232 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction (WXY) so chasing now can be risky. A break of red III high will confirm the next leg higher and negate the possibility of a double correction.