Elliott wave analysis of Amazon for October 5, 2021

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Amazon has completed Livermore's accumulation cylinder with the test of 3,760. It is also completing an S/H/S top indication. A long-term top is in place and a major correction is now unfolding to the key support area between 1,465 - 1,905. If so, a new long-term rally may occur.

In the short term, a break below the support level of 3,175 will activate the S/H/S top for a decline to the solid support at 2,891. Shortly after, it may consolidate at this level. However, it should just be a matter of time before the quote declines to 1,905.

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

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