Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Amazon $AMZN stock, published in members area of the website. We’ve been calling for further rally in AMZN within the cycle from the September 2867.08 low. Recently we got 3 waves pull back that has ended perfectly at the Equal legs. In further text we’re going to explain Elliott Wave Forecast.
$AMZN 1 Hour Elliott Wave Analysis 10.07.2020
Cycle from the 2867.08 low ended as 5 waves rally , that is labeled as (1) blue on the charts. Currently we are getting wave (2) blue pull back that is unfolding as Elliott Wave Double Three Pattern. The price structure is showing clear 7 swings from the peak. AMZN already reached equal legs area at 3091.7-3020.7 (buyers zone). As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Double Three Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
$AMZN 1 Hour Elliott Wave Analysis 10.07.2020
AMZN made nice bounce from the blue box area. When Pull back completed at 3079.55 low. We don’t recommend selling the stock in any proposed pull back and favor more upside toward new highs ideally. We need to see break above wave (1) blue – 10/02 peak to confirm next leg up is in progress.
$AMZN 1 Hour Elliott Wave Analysis 10.07.2020
Eventually AMZN made further rally and broke above 10/02 peak confirming next leg up is in progress. The stock now remains bullish against the 3079.55 low, and we expect it to keep finding buyers in 3,7,11 swings as proposed pivot holds. We are favoring the long side.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast