AMZN Elliott Wave technical analysis [Video]
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AMZN Elliott Wave analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave 2.
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Analysis: The daily chart shows Amazon in a corrective Minor wave 2. It is forming a zigzag pattern with downside likely continuing into wave {c}. A more extended correction remains possible if current price action is only wave {a}.
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave (iv) of {c}.
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Analysis: The hourly chart points to the final stages of wave {c}, with wave (v) likely targeting the $159 level, which aligns with wave equality between {c} and {a}. This zone could serve as a pivot point for the next reversal.
Technical analyst: Alessio Barretta.
AMZN Elliott Wave Analysis [Video]
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