18 July Amazon Elliott Wave Analysis: Amazon Showing Impulse Rally

Amazon ticker symbol: $AMZN short-term Elliott wave analysis suggests that the cycle from 6/25/2018 low ($1646.31) is rallying higher in an impulse structure. What does this suggest? The following 18 July Amazon Elliott Wave Analysis explains.

18 July, GKFX – This suggests that the internal sub-division of each leg higher is unfolding as 5 waves structure of lesser degree i.e Minute wave ((i)), ((iii)) & ((v)), whereas Minute wave ((ii)) & ((iv)) has subdivision of 3 corrective waves.

18 July Amazon Elliott Wave Analysis

Up from $1646.31 low, a rally higher to $1725 high completed Minute wave ((i)) in 5 waves leading diagonal structure. Down from there, the 3 waves pullback to $1684.30 low ended Minute wave ((ii) as zigzag. Above from there the stock made another 5 waves advance which ended Minute wave ((iii)) at $1841.95 peak.

Below from there, the pullback to $1791 low ended Minute wave ((iv)) in lesser degree 3 swings. Up from there Minute wave ((v)) remains in progress which is expected to unfold in another 5 waves structure.

The minimum extension area for Minute wave ((v)) i.e inverse 1.236-1.618% Fibonacci extension of Minute wave ((iv)) comes at $1853.82-$1873.35. In case of further extension, Minute wave ((v))=((i)) target area comes at $1868.58-$1887.15 area for the completion of cycle from 6/25/2018 low in Minor wave 1 or wave A.

Afterwards, the stock is expected to do a pullback in Minor wave 2 or wave B in 3, 7 or 11 swings before further upside is seen provided the pivot from $1646.31 low stays intact. We don’t like selling it.

Amazon 1 Hour Elliott Wave Chart



This article 18 July Amazon Elliott Wave Analysis was provided by GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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