Taking the 2023 low (around $81) as the base of this structure, On a longer term weekly chart , Amazon has completed four waves of a larger impulse, and price now looks to be in Wave 5.
What stands out is how Wave 5 is unfolding. Instead of a clean, impulsive five-wave advance, the current leg looks like an ending diagonal:
Overlapping sub-waves: sub-wave 4 has dipped into sub-wave 1’s territory, which a regular impulse doesn’t allow but a diagonal does.
Three-wave internals: the sub-waves look corrective (zigzag-like) rather than impulsive, which is typical of diagonals.
Sub-wave 4 of ending diagonal looks to be complete when it touched its low support line and a reversal from this area is possible up to the upward resistance line , beginning the sub-wave of the diagonal .
What stands out is how Wave 5 is unfolding. Instead of a clean, impulsive five-wave advance, the current leg looks like an ending diagonal:
Overlapping sub-waves: sub-wave 4 has dipped into sub-wave 1’s territory, which a regular impulse doesn’t allow but a diagonal does.
Three-wave internals: the sub-waves look corrective (zigzag-like) rather than impulsive, which is typical of diagonals.
Sub-wave 4 of ending diagonal looks to be complete when it touched its low support line and a reversal from this area is possible up to the upward resistance line , beginning the sub-wave of the diagonal .
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.