$AMZN reacts higher from the blue box area

Elliott Wave Forecast Team ElliottWave-Forecast.com

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Amazon.com Inc. ($AMZN) The rally from 6.26.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 6.29.2023 low. So, we advised members to buy the pullback in 3 swings at the blue box area ($128.79 – 127.18). We will explain the structure & forecast below:

$AMZN 1H Elliott Wave chart 7.06.2023

Here is the 1H Elliott Wave count from 7.06.2023. The rally from 6.29.2023 at blue (ii) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 3 swings at $128.79 – 127.18 where we entered as buyers.

$AMZN 1H Elliott Wave chart 7.09.2023

Here is the 1H weekend update from 7.09.2023 showing the move taking place as expected. The stock has reacted higher from the blue box allowing longs to get a risk free position. The pullback can become 7 swings where we will like to buy it again should that happen. Near term, we like it higher towards a new high for the year towards $150.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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