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 5.23.2023
Here’s the 1hr Elliott wave chart from the 5/23/2023 Post-Market update. In which, the rally from the 5/01/2023 low unfolded in an impulse sequence where wave 1 ended at $113.28 high. Then wave 2 pullback ended at $109.24 & made a rally higher in wave 3 towards $118.75 high. Down from there, the stock made a pullback in wave 4 while the internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $115.70 low. Wave ((b)) ended at $117.24 high and wave ((c)) managed to reach the blue box area at $113.82- $111.70 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
This is the latest 1hr Elliott wave Chart from the 5/24/2023 Post-Market 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. However, a break above $118.75 high is still needed to confirm the next extension higher & avoid a double correction lower. It's important to note that with further data, the pullback adjusted to a double three correction.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن