Hello fellow traders. As our members know, Amazon stock has completed 5 waves structure in the cycle from the 146.61. We were calling for a 3 waves bounce against the mentioned high after which we expected the price in stock to drop toward new lows. In previous blog on Amazon we shown how we called decline due to incomplete bearish sequences. In this technical article we’re going to take a quick look at the more recent Elliott Wave charts .  We recommended members to avoid buying the stock and keep favoring the short side .  Let’s take a look at the charts

Amazon $AMZN Elliott Wave Analysis 10.12.2022

Decline from the 146.61 turned out to be unfolding as 5 waves structure.  The stock reached target at 115.01-100.86 where we expect it to complete “a red “cycle as 5 waves decline. Amazon should ideally make 3 waves bounce soon in b red,  before further decline takes place. We don’t recommend buying the stock in any proposed bounce and favor the short side.

(Click on image to enlarge)

Amazon $AMZN Elliott Wave Analysis 10.27.2022

The stock made 3 waves bounce in b red. Correction ended as truncation Elliott Wave Double Three pattern at 121.51 peak. We got sharp decline toward new lows as expected. Now the stock remains bearish against the 121.51 pivot in first degree and against the 146.61 pivot in 2nd degree. As far these 2 pivots hold, Amazon $AMZN should ideally keep finding sellers in 3,7,11 swings.

Keep in mind that 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.

(Click on image to enlarge)

Elliott Wave Forecast

We cover 78 instruments in total, but not every chart is trading recommendation. We present Official Trading Recommendations in Live Trading Room.  If not a member yet. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy.

Please keep in mind that we don’t make the market and our forecasts don’t have 100% accuracy. However, we do have a system which allows us to get out Risk Free + cash partial profit from the trade, even if primary analysis gets wrong. Join us now and start learning from market experts. If you are looking for professional real-time analysis in Forex, Indices, commodities,Crypto currencies , stocks and ETFs you have come to the right place.

More By This Author:

Best Gaming Stocks To Invest In 2022
It’s Getting Wilder, Time To Revisit J.W. Wilder
Bitcoin: Here's The "$64,000 Question"