Amazon.com Inc ($AMZN) found buyers at the blue box area as expected

In today’s article, we will look at the past performance of the Daily Elliott Wave chart of Amazon.com Inc. ($AMZN) . The rally from 3.13.2023 low at $88.06 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

5 Wave Impulse Structure + ABC correction.

$AMZN daily Elliott Wave chart 8.04.2024

Here is the Daily Elliott Wave count from 8.04.2024. The 5 wave impulsive cycle from 3.13.2023 ended on 7.08.2024 at red III and started a pullback to correct it. We expected the pullback against 3.13.2023 low at $88.06 to find buyers at the blue box area at 165.96 – 150.65 in 3 swings.

$AMZN daily Elliott Wave chart 8.18.2024

Here is the latest Daily update from 8.18.2024, showing the rally taking place as expected. The cycle from the peak at red III has ended and the stock has reacted higher from the blue box area allowing longs to get risk free. The stock is expected to remain supported with a target area towards $213 – 232 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction (WXY) so chasing now can be risky. A break of red III high will confirm the next leg higher and negate the possibility of a double correction.