Entering text into the input field will update the search result below

Elliott Wave View: Amazon (AMZN) Dips Should Continue To Find Support

Jul. 09, 2020 12:14 PM ETAmazon.com, Inc. (AMZN)
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Amazon (AMZN) 30 minutes chart below shows that the stock has ended the cycle from June 29 low. The rally in wave 1 unfolded as a 5 waves Impulse Elliott Wave structure. Up from 2630.28 low, wave ((i)) ended at 2696.80 high. Wave ((II)) dip ended at 2665.47 low. The pair then extended higher in wave ((III)), which ended at 2955.56 high. The internal subwave of wave ((III)) also unfolded as 5 waves impulse Elliott Wave structure in lesser degree. Afterwards, the pullback in wave ((iv)) ended at 2871.10 low. From there, the pair pushed higher in wave ((V)), which ended at 3075.55 high. This final move completed wave 1 in higher degree and ended cycle from June 29 low.

The pair is currently doing a pullback in wave 2 to correct the cycle from June 23 low. The correction could unfold as a zig-zag structure. While above 2630.28 low, expect the dips to find support in 3,7, or 11 swings for more upside. The alternate count for AMZN would be that the stock has already ended wave (5) in its entirety instead of just wave 1 of (5). If this is the case, then the stock could have ended the cycle from March low. AMZN then could be doing a larger degree pullback to correct the cycle from March low before upside resume again.

Amazon (


) 30 Minutes Elliott Wave Chart

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.