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Hello fellow traders. In this technical article, we are going to present Elliott Wave charts trading setup of Amazon (AMZN) Stock . The stock has recently completed a clean 3-wave pullback. Price action developed exactly as anticipated, but our entry was missed by less than $1.
💡 DMK Insight
Amazon’s recent 3-wave pullback is a key setup for traders looking to capitalize on potential reversals. Missing the entry by less than $1 highlights the importance of precision in timing trades. With the stock showing a clear Elliott Wave pattern, traders should consider monitoring the next resistance level closely, as a breakout could signal a strong upward move. If AMZN can reclaim its previous highs, it may attract momentum traders, pushing prices higher. Conversely, a failure to break above resistance could lead to a deeper correction, making it crucial to set stop-loss levels appropriately. Keep an eye on the daily chart for any signs of reversal or continuation, especially around key Fibonacci retracement levels, which could provide additional entry points for those who missed the initial setup.
📮 Takeaway
Watch for Amazon to break above its recent resistance; a successful move could signal a strong upward trend, while failure may lead to further downside.
