Amazon (AMZN) continues the bearish Elliott Wave sequence lower [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott wave View in Amazon (ticker; AMZN) suggests the decline from 12.1.2022 peak is in progress as a 5 waves impulse. Down from 12.1.2022 peak, wave ((i)) ended at 94.92 and wave ((ii)) rally ended at 96.45. Stock resumed lower in wave ((iii)) towards 87.90 and wave ((iv)) correction ended at 88.88. Final leg wave ((v)) ended at 87.45 which completed wave 1 as the 45 minutes chart below shows. From there, wave 2 corrective rally ended at 96.26. Internal subdivision of wave 2 took the form of a zigzag Elliott Wave structure. Up from wave 1, wave ((a)) ended at 91.39, wave ((b)) ended at 87.87, and wave ((c)) ended at 96.26.

Stock resumed lower in wave 3 with internal subdivision as an impulse. Down from wave 2, wave (i) ended at 90.52, and rally in wave (ii) ended at 93.46. Stock then extended lower in wave (iii) and should complete with a few more lows. The stock should then bounce in wave (iv) before another leg lower in wave (v) to complete wave ((i)) of 3. Near term, as far as pivot at 96.26 high stays intact, expect rally to find sellers in 3, 7, or 11 swing for further downside.

Amazon (AMZN) 45 minutes Elliott Wave chart

AMZN Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD inching closer to 1.36

The Pound Sterling edged higher to 1.3640 on Thursday, recovering from an earlier pullback after stronger-than-expected US jobs data initially weighed on the pair. The Bank of England held rates at 3.75% at its February 4 meeting in a narrow 5-4 vote split, with four members preferring a 25 basis point cut to 3.50%.

Gold falls to near $4,900 as selling pressure intensifies

Gold price faces some selling pressure around $4,910 during the early Asian session on Friday. The yellow metal tumbles over 3.50% on the day, with algorithmic traders appearing to amplify the precious metal’s sudden drop. Traders will closely monitor the release of the US Consumer Price Index inflation report for January, which will be released later on Friday.

Ethereum investors face huge unrealized losses following price slump

US spot Ethereum exchange-traded funds flipped negative again on Wednesday after recording net outflows of $129.1 million, reversing mild inflows seen at the beginning of the week, per SoSoValue data. Fidelity's FETH was responsible for more than half of withdrawals, posting outflows of $67 million.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.