Elliott wave analysis of Amazon for September 23, 2021


Amazon could rise futher. We currently see a S/H/S top building and a break below the neckline support near 3,175 will trigger the top-formation for a decline to at least 2,876 and possibly a much deeper corrective decline.

The final rally to the all-time high at 3,773 could be part of a complex double zig-zag correction. If this is the case, the a dip to 2,876 could complete wave 4 and set the stage for a final rally to new all-time highs above 3,773.

At this point we need to stay flexible. A decline to support at 2,876 seem to be in the cards no matter what scenario turns out to be correct.

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX
- Need a custom expert advisor?
- Try the Complex Trader EA.

Share this: