AMZN near term forecastSee linked post on the bigger picture for AMZN, here is my expectations near term (follow the thin solid black line, the thick solid black line is the bigger picture trajectory; the dashed black line is alt path):
AMZN is still in a corrective structure - trying to complete B-wave. Here is a summary of what I'm expecting
- Point target to complete B-wave is 137. Expecting pullback to 118-119 going into earnings and then one final leg higher to 135-140 after earnings, topping by end of August.
- C wave will bottom in the 50-70 range, with more precise target 58-61. This will happen by May 2024, but could be realized as soon as Jan. 2024... this means AMZN will be cut in half in a matter of months from September 2023 to early 2024.
Important levels:
123-125: needs to break this down to test 118
118: if this holds AMZN can pop to 137, if it falls next support is 109 and then 101
94 and 101: equilibrium points, drop below these will confirm the drop to low 60s to complete C-wave
