AMAZON ticker symbol: AMZN short-term Elliott wave view suggests that the rally to $2050.50 high ended intermediate wave (1) as impulse structure. Down from there, the instrument is doing a pullback in intermediate wave (2). The internals of that pullback unfolding in 3 swing structure with the sub-division of 5-3-5 structure in lesser degree cycles thus favored it to be a zigzag correction.
Below from $2050.50 high, the initial decline to $1917 low ended Minor wave A lower in 5 waves structure. The minute wave ((i)) ended at $1989.89, Minute wave ((ii)) ended at $2010.30 high. Minute wave ((iii)) ended at $1935.21 low and Minute wave ((iv)) bounce ended at $1975.20 high. Then finally a move lower to $1917 low ended Minute wave ((v)) of A. Up from there, the 3 wave bounce to $2009.47 high ended Minor wave B bounce as a zigzag correction.
Down from there, the decline lower in Minor wave C is taking place in another 5 waves structure looking to reach $1875.88-$1844.41 100%-123.6% Fibonacci extension area of Minor wave A-B. Afterwards, the stock is expected to resume the upside in intermediate wave (3) higher ideally or should find support for 3 wave bounce at least. Alternatively, if it exceeds below the 161.8% Fibonacci extension area A-B at $1791.89 then the decline from $2050.50 high could become impulsive structure & could be doing a bigger pullback. We don’t like selling it.
AMAZON 1 Hour Elliott Wave Chart
