Amazon maintaines its strong upward momentum. As this trend continues, the large blue wave (V) is expected to complete well above the resistance level at $242.52. However, an alternative scenario with a 30% probability remains on the table: in this case, the magenta corrective wave alt.(2) would peak below the $242.52 resistance, and a significant pullback below support at $160.50 would be anticipated afterward. In this scenario, the high of beige wave alt.B would have been set at $242.52, after which the stock would enter the broader downward movement of wave alt.C.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
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🚀 Spot trends early with momentum, sentiment & price structure
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.