Short time period Elliott wave View in Amazon (ticker; AMZN) suggests the decline from 12.13.2022 peak in 45 min chart, was clear 5 swings impulse decrease, which ended ((i)) because the a part of wave 3. The present sequence decrease is the a part of (3) of ((A)) in greater diploma began from 11.15.2022 peak. It already confirms decrease low in each day, calling for additional downside to proceed beneath 12.13.2022 peak. Below wave 2 peak of 96.25, it positioned (i) at 90.52 low and (ii) at 93.46 excessive. Later, it resumes decrease to complete (iii) at 87.15 low and (iv) at 89.35 excessive. Wave (iv) corrected 0.382 Fibonacci retracement towards (iii). Below there, lastly it ended (v) as ((i)) at 83.41 low with clear 5 inside subdivisions on 12.20.2022 low. Currently, it favors a bounce in ((ii)) in zigzag correction.

AMZN displaying a transparent 5 swings decrease in ((i)) and it anticipating to bounce in ((ii)) correction in 3 or 7 swings, which ideally should fail beneath 96.25 excessive of wave 2 to see additional downside in wave ((iii)) of three. It favors greater in (a) leg and count on a minor upside to complete (a) before begins correcting in (b) wave. Ideally, it expects wave (b) to carry above 83.41 low to see one other leg greater in (c) to complete ((ii)) before turning down. It expects to rally in 3 or 7 swings, which should discover sellers for the additional downside.

Amazon (AMZN) 45 minutes Elliott Wave chart

AMZN Elliott Wave video


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