Elliott wave view in Amazon ticker symbol: $AMZN rally from 21 September 2020 low is showing a higher high sequence favoring more upside. The internals of that rally is unfolding as Elliott wave impulse sequence when wave 1 ended in 5 waves at $3229.31 high. Down from there, wave 2 pullback unfolded as double three structure where wave ((w)) ended at 3113.02 low. Wave ((x)) bounce ended at $3207.19 high and wave ((y)) ended at $3079.63 low.
Up from there, the rally took place in another 5 waves impulse structure where wave ((i)) ended at $3233.29 high. Wave ((ii)) ended at $3174.99 low, wave ((iii)) ended at $3352.31 high, wave ((iv)) ended at $3294.86 low and wave ((v)) ended at $3496.24 high thus completed wave 3. Below from there, the stock is doing a wave 4 pullback to correct the cycle from the 10/06/2020 low ( $3079.63). The internals of that pullback is unfolding as a flat structure where wave ((a)) ended at $3423.70 low. Wave ((b)) bounce ended at $3464.88 high and wave ((c)) ended at $3340 low. Near-term, as far as a pivot from $3079.63 low stays intact expect the stock to extend higher.
Amazon 1 Hour Elliott Wave Chart
