AMZN Elliott Wave technical analysis [Video]

AMZN Elliott Wave analysis

• Function:Counter Trend.

• Mode:Corrective.

• Structure:Zigzag.

• Position:Wave 2.

• Analysis:The daily chart shows Amazon in a corrective Minor wave 2. It is forming a zigzag pattern with downside likely continuing into wave {c}. A more extended correction remains possible if current price action is only wave {a}.

• Function:Counter Trend.

• Mode:Corrective.

• Structure:Zigzag.

• Position:Wave (iv) of {c}.

• Analysis:The hourly chart points to the final stages of wave {c}, with wave (v) likely targeting the $159 level, which aligns with wave equality between {c} and {a}. This zone could serve as a pivot point for the next reversal.

Technical analyst:Alessio Barretta.

AMZN Elliott Wave Analysis [Video]