Amazon.com Inc. (AMZN) Elliott Wave Analysis – Daily Chart

AMZN Elliott Wave Technical Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Zigzag

Position: Wave 2

Analysis:

On the daily chart, Amazon stock (NASDAQ: AMZN) is currently undergoing a corrective phase in Minor Wave 2. The pattern developing is a classic zigzag, indicating the potential for continued downside as wave {c} progresses. If current price behavior reflects only wave {a}, there is room for an extended correction. This suggests traders should monitor for further downside movement before a possible reversal.

Amazon.com Inc. (AMZN) Elliott Wave Analysis– 1-Hour Chart

Function: Counter-Trend

Mode: Corrective

Structure: Zigzag

Position: Wave (iv) of {c}

Analysis:

The 1-hour chart highlights that Amazon is nearing the completion of wave {c}. The anticipated move in wave (v) may reach the $159 mark, coinciding with the projected wave equality between waves {c} and {a}. This level could act as a significant pivot area, signaling a potential turning point in the trend.

Technical Analyst: Alessio Barretta

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