Amazon's stock has been painstakingly climbing upward over the past weeks. Currently, it appears to be in a broader sideways movement. Our primary scenario calls for a breakout to the downside to continue the downward beige wave IV. Afterward, we expect an upward move with the corresponding beige wave V, which should ultimately reach the top of the larger blue wave (V). Alternatively, an imminent breakout above the resistance at $259 could occur. In this scenario, the low of wave alt.IV would already be in place, and the stock would already be rising in wave alt.V, which could mark the high of the blue wave alt.(V) (33% probability).
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📊 Daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
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🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
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