AMZN bigger pictureAMZN is still in a corrective structure - trying to complete B-wave. Here is a summary of what I'm expecting, I'll post another idea for near term forecast/path to breakdown:
- 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
Solid Black trajectory is expected path
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The Alt path (dashed black) is an initial drop to 101-109, followed by leg higher to 140-150 before starting drop to low 60s
