AMZN has been going up for long time. March pull back was a good time to review this issue. People were wondering if the rally of this stock was over or if it was a good buying opportunity.
After new high is achieved after Earnings, it seems that Amazon will resume its march. Simple Elliott Wave shows that the final top is still not in yet, but Alternate count suggests the coming correction before the push higher.
We can count that the current movement since April low was Wave (5).
It is supported by the fact that both 5-period and 20-period %Rs are bullish.
Simple Elliott application shows the cluster for the target of Wave (5):
(5) = (1), 1634.54 <- It was achieved already and given the wave sub-structure, it doesn't seem the final top yet.
(5) = 1.382 x (4), 1718.64 <- reverse Fibonacci target 1.
(5) = 0.682 x (1) ~ (3), 1776.70
(5) = 1.618 x (1), 1808.61
(5) = 2.0 x (4), 1882.20 <- reverse Fibonacci target 2.
It seems that 1800 would be a good target for now.
However, the structure of (5) developing now is not as clean as a usual impulsive wave. It is possible that (4) is not over yet, and we may be in B or C of (4) as shown in Alternate count.
If that's the case, Amazon will go down near or below April low before it will achieve the target of the above cluster.
So, bullish with caution.
Some other chart analyses can be found at:
www.white6intelligence.com
After new high is achieved after Earnings, it seems that Amazon will resume its march. Simple Elliott Wave shows that the final top is still not in yet, but Alternate count suggests the coming correction before the push higher.
We can count that the current movement since April low was Wave (5).
It is supported by the fact that both 5-period and 20-period %Rs are bullish.
Simple Elliott application shows the cluster for the target of Wave (5):
(5) = (1), 1634.54 <- It was achieved already and given the wave sub-structure, it doesn't seem the final top yet.
(5) = 1.382 x (4), 1718.64 <- reverse Fibonacci target 1.
(5) = 0.682 x (1) ~ (3), 1776.70
(5) = 1.618 x (1), 1808.61
(5) = 2.0 x (4), 1882.20 <- reverse Fibonacci target 2.
It seems that 1800 would be a good target for now.
However, the structure of (5) developing now is not as clean as a usual impulsive wave. It is possible that (4) is not over yet, and we may be in B or C of (4) as shown in Alternate count.
If that's the case, Amazon will go down near or below April low before it will achieve the target of the above cluster.
So, bullish with caution.
Some other chart analyses can be found at:
www.white6intelligence.com
Maybe it is time to consider to take short-term profit.