Technical Analysis:
- AMZN is still doing a WXY medium term correction in blue
- In the short term AMZN is finishing wave ((2)) in black before going more down side
- We expect that the correction will be finished at around BMV:60 when wave ((II)) is also completed
- H1 right side is turning up
- H4 right side is turning down
Technical Information:
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As we can see in the chart, Amazon(AMZN) WXY correction is in blue and we expect more downside to around $60 only when the wave (Y) in blue and Wave ((II)) in black are complete.
Technical Analysis:
- H1 & H4 Right Side are Turning Down
- Technically AMZN has now 5 waves down and has a strong correlation with NASDAQ - that's why we expect that it extends...
Price trading inside 3M resistance zone. However there are still 2 months to go to close the 3M candle. Therefore price can be a bit insensitive towards that resistance and continue to move higher.
However, the weekly resistance above definitely going to pose challenge for the price. This also coincides with the downward trend line the price has been push against...
- on the daily chart : we notice a slight resistant from the buyers that pushes the price up
- on the weekly chart : we notice the resistance is from a strong level that formed few months ago
- my personal opinion : the price will rise after few days from now
- best move : wait for the next week movement to show a strong buying volume as confirmation then go in as buyers
