AMZN starting to react from the blue box area
|In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Amazon ticker symbol: AMZN. In which, the rally from 01 May 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
AMZN 1-hour Elliott Wave chart from 5.23.2023
Here’s the 1hr Elliott wave chart from the 5/23/2023 Post-Market update. In which, the rally from the 5/01/2023 low unfolded in an impulse sequence where wave 1 ended at $113.28 high. Then wave 2 pullback ended at $109.24 & made a rally higher in wave 3 towards $118.75 high. Down from there, the stock made a pullback in wave 4 while the internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $115.70 low. Wave ((b)) ended at $117.24 high and wave ((c)) managed to reach the blue box area at $113.82- $111.70 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
AMZN latest 1-hour Elliott Wave chart
This is the latest 1hr Elliott wave Chart from the 5/24/2023 Post-Market update. In which the stock is showing a reaction higher taking place, right after ending the pullback within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $118.75 high is still needed to confirm the next extension higher & avoid a double correction lower. It’s important to note that with further data, the pullback adjusted to a double three correction.
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