Amazon's 1.5yr-long Triple-Three Correction is Complete
For those of you tracking Elliott Waves, Amazon has been struck in a Triple-Three correction since August of 2020. Here is a breakdown of the sub-waves:
Tracking the larger degree waves can be challenging but I believe this Triple-Three is Wave-2 of the current primary wave. If we assume that the coming Wave-3 will be 1.618 times Wave-1 on a logarithmic chart, we can expect AMZN price action to reach almost $10,000 per share by the end of the year.
There is no doubt that the current selling has put Amazon at a bargain price, and this is a great example of a "buy the dip" moment. Amazon has been making steady gains in revenue and is in a great position to expand its services around the world.
- Wave W: Regular Flat
- Wave X1: Triangle
- Wave Y: Zigzag
- Wave X2: Zigzag
- Wave Z: Expanded Flat (ending slightly beyond the 1.618 Fib level)
Tracking the larger degree waves can be challenging but I believe this Triple-Three is Wave-2 of the current primary wave. If we assume that the coming Wave-3 will be 1.618 times Wave-1 on a logarithmic chart, we can expect AMZN price action to reach almost $10,000 per share by the end of the year.
There is no doubt that the current selling has put Amazon at a bargain price, and this is a great example of a "buy the dip" moment. Amazon has been making steady gains in revenue and is in a great position to expand its services around the world.