Elliott Wave Technical Analysis: Amazon

AMZN Elliott Wave Analysis

Amazon.com Inc. (AMZN) – Daily Chart

• 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}.

Amazon.com Inc. (AMZN) – 1-Hour Chart

• 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

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