Amazon.com, Inc. (AMZN): Bullish Long-Term Perspective🚨 Disclaimer: This analysis is for educational purposes only. It is not financial advice. Always do your due diligence before trading or investing.
Key Observations:
Elliott Wave Structure:
- Amazon is following a bullish Elliott Wave sequence on the weekly timeframe.
- The chart highlights the completion of a Major Wave II corrective phase and a strong impulsive Major Wave III underway.
- Amazon has recently completed Wave (I) within Cycle Wave III and is likely heading for a corrective Wave (II).
Price Action and Current Levels:
- Current Price: $219.39
- Amazon recently peaked within Wave (I) at approximately $260.
- The invalidation level is marked at $81.76, below which the current wave structure would be invalidated.
Support and Resistance Zones:
Key Support Levels:
$200 - $190: Anticipated support for Wave (II) correction.
$175 - $160: Stronger long-term support zone for any extended pullback.
Key Resistance Levels:
$260 - $270: Resistance from the prior high of Wave (I).
Beyond $300: Long-term bullish target for Wave (III).
Wave Forecast:
After the completion of Wave (I), Amazon is poised to enter a corrective Wave (II), likely taking the form of an ABC correction.
Once the correction concludes, Wave (III) is expected to initiate a strong upward rally, targeting $300 and beyond.
Trading and Investment Strategy:
For Long-Term Investors:
- The bullish macro structure remains intact.
- Consider accumulating shares during the anticipated Wave (II) pullback in the $200-$175 zone.
Earnings Reports: Amazon's profitability and growth metrics will play a key role in validating this bullish outlook.
Sector Performance: The tech sector's recovery will be pivotal in propelling Amazon higher.
Macroeconomic Conditions: Fed policy, inflation rates, and consumer demand are key factors impacting valuation.
Conclusion:
Amazon is positioned for a long-term bullish run, supported by strong fundamentals and Elliott Wave analysis. While short-term corrections are likely, the overarching trend suggests significant upside in the years ahead.
💬 What’s your take on Amazon’s future? Drop your thoughts below or ask any questions! 🚀
