Elliott Wave Analysis: Amazon Showing Impulse Rally
Elliott Wave Forecast | Jul 18, 2018 01:09AM ET
Amazon (NASDAQ:AMZN) ticker symbol: $AMZN short-term zigzag . Above from there the stock made another 5 waves advance which ended Minute wave ((iii)) at $1841.95 peak. Below from there, the pullback to $1791 low ended Minute wave ((iv)) in lesser degree 3 swings. Up from there Minute wave ((v)) remains in progress which is expected to unfold in another 5 waves structure.
The minimum extension area for Minute wave ((v)) i.e inverse 1.236-1.618% Fibonacci extension of Minute wave ((iv)) comes at $1853.82-$1873.35. In case of further extension, Minute wave ((v))=((i)) target area comes at $1868.58-$1887.15 area for the completion of cycle from 6/25/2018 low in Minor wave 1 or wave A. Afterwards, the stock is expected to do a pullback in Minor wave 2 or wave B in 3, 7 or 11 swings before further upside is seen provided the pivot from $1646.31 low stays intact. We don’t like selling it.
Amazon 1 Hour Elliott Wave Chart
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