AMZN Elliott Wave technical analysis [Video]

AMZN Elliott Wave analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave 2.

• 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}.

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave (iv) of {c}.

• 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]