Elliott Wave View: Amazon (AMZN) Continues to Benefit from the Pandemic
Amazon (AMZN) 45 minutes chart below shows that the stock has continued to extend higher from August 12 low. From that low, the stock rallied higher in wave ((iii)), which ended at 3457.80 high. The rally unfolded as a 5 waves impulsive Elliott Wave Structure. Up from wave ((ii)) low, wave (i) ended at 3217.52 high. The dip in wave (ii) ended at 3120 low. The stock then extended higher in wave (iii), which ended at 3326.99 high. Wave (iv) pullback then ended at 3257.56 low and unfolded as a flat correction. The push higher in wave (v) ended at 3457.80 high. This completed wave ((iii)) in larger degree.
Currently, the stock is doing a pullback in wave ((iv)) to correct the cycle from August 12 low. The structure could be unfolding as a double correction. Wave (w) has ended at 3378 low. The bounce in wave (x) is currently is progress. Afterwards, the stock could do another leg lower in wave (y) and end wave ((iv)) in the higher degree. As long as 3072.72 low stays intact, the dips in 3,7 or 11 swings is expected to find support for more upside. The stock then can resume higher in wave ((v)) afterwards.