Elliott Wave View: Impulsive Move in Amazon Favors More Upside

Short-term Elliott wave view in Amazon (AMZN) suggests the decline from July 13 peak (3773) to 3174.22 low ended wave (A) as 5 waves impulse structure. The stock is now correcting in wave (B) as a zigzag Elliott Wave structure. Up from wave (A), wave ((i)) ended at 3233 and pullback in wave ((ii)) ended at 3175.76. Stock then extends higher in wave ((iii)) towards 3321 and pullback in wave ((iv)) ended at 3286.15. Internal subdivision of wave ((iii)) unfolded as an impulse structure where wave (i) ended at 3207.8 and wave (ii) ended at 3175.77. Wave (iii) ended at 3280.90, pullback in wave (iv) ended at 3264.32, and wave (v) ended at 3321.

Expect wave ((v)) to end soon and this should complete wave A in higher degree. Afterwards, expect the stock to pullback in wave B to correct cycle from August 19 low. Internal subdivision of wave B is proposed to be in a zigzag structure before the rally resumes in wave C. Near term, as far as pivot at 3174.22 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.