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Elliott Wave View: Further Rally in Amazon (AMZN)

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Since bottoming on December 24, 2018 low, Amazon (ticker: AMZN) has continued to recover. The sequence from December 2018 low remains incomplete with 100% extension coming at $2033 $2143. In shorter cycle, we can see from the chart below that the pullback to $1818.90 ended wave 2. Wave 3 is in progress and subdivides as animpulse Elliott Wave structure. Up from $1818.90, rally to $1876.47 ended wave ((i)) with subdivision also as an impulse of lesser degree. Wave (i) of ((i)) ended at $1853.67, and wave (ii) of ((i)) ended at $1840.26. Wave (iii) of ((i)) ended at $1869.72, wave (iv) of ((i)) ended at $1852.50, and wave (v) of ((i)) ended at $1876.47.

The stock then pullback in wave ((ii)) and ended at $1845.28. Internal of wave ((ii)) unfolded as a zigzag where wave (a) ended at $1855.01, wave (b) ended at $1870.82, and wave (c) ended at $1845.28. Wave ((iii)) is in progress and Amazon can see 1 more leg higher to end wave ((iii)) before pulling back in wave ((iv)). Similar to wave ((i)), the internal of wave ((iii)) subdivides as an impulse structure in lesser degree. Wave (i) of ((iii)) ended at $1894.95, wave (ii) of ((iii)) ended at $1882.50, wave (iii) of ((iii))) ended at $1929.26, and wave (iv) of ((iii)) ended at $1916.59.

Expect Amazon to see 1 more leg higher to end wave (v) of ((iii)) before pulling back. in wave ((iv)) The stock should continue to find support in 3, 7, or 11 swing as far as wave ((ii)) pivot at 1845.28 remains intact. We dont like selling the stock.

1 Hour AMZN Elliott Wave Chart Asia Update

AMZN April 24

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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