AMZN Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

AMZN Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave v of (iii).
Direction: Upward move in wave (iii).

Details:

We expect continued upward movement in Minuette wave (iii). After consolidating for about two weeks near the $200 level (TradingLevel2), AMZN is now targeting the upper boundary of MinorGroup1. This signals the next phase of the upward trend may be underway.

AMZN Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 3 of iii.
Direction: Upward momentum in microwave 3.

Details:

A sharp move is developing into submicro wave 3 of micro wave 3, reinforcing the current bullish trend. The price is gaining momentum, which supports the wave count and suggests further upside potential.

Overview

This Elliott Wave analysis reviews Amazon.com Inc. (AMZN) using both daily and 1-hour charts to interpret current price action through the lens of Elliott Wave Theory. The larger trend shows strength through Minuette wave (iii), while short-term action confirms the count with accelerating movement in micro waves.

AMZN Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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