In this blog, I want to share some short-term Elliott Wave charts of Amazon which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 10/17/18 indicating that Amazon ended the cycle from 10/01/18 low in black wave ((W)).
As Amazon ended the cycle from 10/01/18 peak, we expected a pullback to occur in black wave ((X)). As it ended black wave ((W)) at 10/11/18 low (1698) It started the pullback. Above from that low, the pullback unfolded in a Elliott Wave Zizag structure. We advised members that Amazon ideally should continue lower as long as it remained below 2035.48 invalidation level. Therefore, we expected sellers to appear in the dips in the sequences of 3, 7 or 11 swings. At the 100 – 1.236 Fibonacci extension of blue (A)-(B). Which came at around 1859-1938.49 area. And that was the first area for sellers to appear to take prices to new lows below black wave ((W)) low.
Amazon 10.17.2018 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart, you can see that the stock reached the blue box area (1859-1938.49) and reacted lower and also took price below black wave ((W)) low. Confirming that the next extension lower has started. If traded our blue box area shown in the chart above. Then any trades from that area where risk-free, which means the stop-loss should be moved to breakeven, targeting lower levels. Do please keep in mind that the 1-hour chart which I presented have changed already. This blog should just illistrate how accurate our blue boxes are. And how our members trade our 3-7 or 11 swings startegie.
If you are interested in how to trade our blue box areas and want to understand how Elliott Wave works. Then I recommend you to get a shot on our special promotion which we are currently running below.
Amazon 10.25.2018 1 Hour Chart Elliott Wave Analysis
I hope you liked this blog and I wish you all good trades and if you are interested in learning more about our unique blue box areas and also want to trade profitably then sign up for our Promotion and get 30% Discount on Gold and Platinum plans!!
We believe in cycles, distribution, and many other tools in addition to the classic or new Elliott Wave Principle. To get a regular update on the market and Elliott wave charts in 4-time frames.