Amazon has been ripping in a nice Elliott Wave impulse, especially after we’ve spotted nice flat correction on October 1st and strong earnings added the steam to this strong move. Let’s take a look at our members update, and what we have been expecting, a snippet: “I’ve been tracking this as a potential wave four flat correction, with wave A and wave B already completed and wave C now eyeing the support around 210. That zone also lines up with the 0.382 Fibonacci retracement and previous breakout levels, so it could attract buyers and provide stabilization. The retracement is quite deep at around 12 percent, but since the stock has not yet retested February highs, it looks more like a consolidation, a pause rather than a new bearish trend”
NEW US Single Stocks Service (And Its Free!!)
Get Elliott Wave US Single Stock Report for some big names and companies
In todays update, we can see how nicely Amazon has produced and continued with our projected wave structure. We would like to note that we are approaching wave 5 high, which will likely yield a pause in the trend. Here is another snippet from our latest update which was 2nd of November: “At some point, we expect this gap to be revisited, which brings some risk of a retracement. For those long based on our earlier analysis, it might be wise to start looking for exit signals soon, though wave extensions are still possible. The next key resistance levels to watch are around are” – for the resistance zones, consider joining our community and keep track of our daily updates
For more visit us at wavetraders.com and read detailed monthly, weekly and daily updates on BCH and other cryptocurrencies, or if you are into FX, Commodities or Stocks, we got you covered there too! Thank you for reading, and we hope you enjoyed it – see you inside our community!