In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Amazon ticker symbol: AMZN. In which, the rally from 01 May 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
AMZN 1-Hour Elliott Wave Chart From 7.10.2023
Here’s the 1hr Elliott wave chart from the 7/10/2023 Midday update. In which, the rally from the 5/01/2023 low unfolded in an impulse sequence where wave 3 ended at $131.85 high. Down from there, the stock made a pullback in wave 4 while the internals of that pullback unfolded as Elliott wave flat structure where wave ((a)) ended at $127.37 low. Wave ((b)) ended at $130.97 high and wave ((c)) managed to reach the blue box area at $126.49- $123.72 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
AMZN Latest 1-Hour Elliott Wave Chart From 7.14.2023
This is the latest 1hr Elliott wave Chart from the 7/14/2023 Midday update. In which the stock is showing a reaction higher taking place, right after ending the pullback within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the stock has already made a new high confirming the next extension higher & erased divergence opening up further upside towards $137.39- $144.49 area next before a pullback happens. It’s important to note that with further data, the pullback adjusted to a double three correction.
Source: https://elliottwave-forecast.com/stock-market/amzn-keep-reacting-higher-blue-box-areas/