AMAZON ( $AMZN ) Buying The Dips At Blue Box Area

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of AMAZON Stock published in members area of the Elliottwave-Forecast .  As our members know, we were calling for further strength in AMAZON within the cycle from the October 25th low. We recommended members to avoid selling the Stock in any proposed pull back and keep favoring the long side within proposed October cycle.  Recently we got 3 waves pull back , when the price reached Blue Box- Buyers zone. The stock found buyers there as we expected. In further text we’re going to explain Elliott Wave Forecast and trading strategy

AMAZON 1 Hour Elliott Wave Analysis 13.30.2019

Current view suggests AMZN ended cycle from the December 10th low as 5 waves structure- wave ((iii)) black. The Stock is about to complete short term pull back ((iv)) . The price has already reached blue box area at 1843.83-1819.00 ( buying zone). However, we should be aware that until the price makes further separation higher another short term low cannot be ruled out.  We expect to see further rally from the blue box ideally, or 3 waves bounce alternatively. As soon as the bounce reaches 50 fibs against the (b) blue peak we should make Long positions risk free. Invalidation level for the long trades would be break below 1.618 Fib extension:1818.92.
Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.

AMAZON 1 Hour Elliott Wave Analysis 13.30.2019

The price has given us another short term low within the blue box area. It found buyers right at the buying zone  : 1843.83-1819.00 . Pull back completed at 1832.51 low, and we got rally towards new highs.  Members who took long trades are having profits now and should be risk free already. As far as the pivot at 1832.5 low holds, we expect further strength in the Stock.

Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.