AMZN Elliott Wave analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave 2.
Analysis: The daily chart shows Amazon in a corrective Minor wave 2. It is forming a zigzag pattern with downside likely continuing into wave {c}. A more extended correction remains possible if current price action is only wave {a}.
Function: Counter Trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave (iv) of {c}.
Analysis: The hourly chart points to the final stages of wave {c}, with wave (v) likely targeting the $159 level, which aligns with wave equality between {c} and {a}. This zone could serve as a pivot point for the next reversal.
Technical analyst: Alessio Barretta.
AMZN Elliott Wave Analysis [Video]
Source: https://www.fxstreet.com/news/amzn-elliott-wave-technical-analysis-video-202504070952