Short term Elliott Wave View in Amazon (ticker: AMZN) suggests that the bounce to 1784 ended Cycle degree wave x. Cycle degree wave y is currently in progress lower as a double three Elliott Wave structure. Down from 1784, Primary wave ((W)) ended at 1420 and Primary wave ((X)) bounce is in progress towards 1631.54 – 1712.09 area before the decline resumes. Internal of Primary wave ((W)) unfolded as a zigzag where Intermediate wave (A) ended at 1546.51, Intermediate wave (B) ended at 1624.82, and Intermediate wave (C) ended at 1420.
Internal of Primary wave ((X)) is unfolding as a double three Elliott Wave structure where Intermediate wave (W) ended at 1550 and Intermediate wave (X) ended at 1502.10. Expect the stock to extend higher in Intermediate wave (Y) of ((X)) towards 1631.54 – 1712.09, then as far as pivot at 1784 high stays intact, the stock should extend lower or pullback in 3 waves at least. We don’t like buying the proposed rally.