Thunder From Under
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The Elliott Wave short-term view on Amazon (ticker: AMZN) suggests that the rally to 3417 has ended wave x. The lower y wave is underway with an internal subdivision as a zigzag ((A))-((B))-((C)) Elliott Wave pattern. The stock is currently in wave ((A)) as an impulse where wave (1) of ((A)) ended at 2992. Down from wave x, wave 1 ended at 3246.39 and wave 2 rally ended at 3373. The action then rallied lower in wave 3 with internal subdivision as lesser momentum. Down from wave 2, wave ((i)) ended at 3265.32 and wave ((ii)) ended at 3289. Wave ((iii)) ended at 3090.23 the wave ((iv)) rally ended at 3175.25 and the last leg lower the wave ((v)) ended at 3010.69. This completed wave 3 at the top degree. Wave 4 rally ended at 3102 and wave 5 lower ended at 2992 which completed wave (1) to a higher degree.
The wave (2) rally is now underway to correct the decline from the March 29, 2022 peak before the stock resumes lower. The internal wave (2) subdivision is underway in the form of a zigzag Elliott Wave pattern. From wave (1), wave A should end soon, then it should pull back into wave B before the stock moves up into wave C to end wave (2). As long as the pivot at the 3416 high remains intact, expect the rally to fail in the 3, 7 or 11 swing sequence for further decline.
