Amazon peaked in wave 3 at 1,083 and has since build a possible S/H/S top, This top-formation will be activated upon a break below the neckline support at 927 and will call for a decline to at least 770, which is the measured S/H/S top target.
However, the Elliott wave count, shows wave 3 peaked at 1,083 and now is correcting lower in wave 4. As wave 2 was a simple deep correction, that corrected 61.8% of wave 1, we should expect a prolonged flat or triangle consolidation in wave 4. The 38.2% correction target of wave 3 is seen at 679.
Once this wave 4 correction is complete, a new impulsive rally to above 1,083 is expected in wave 5 towards 1,757.
However, the Elliott wave count, shows wave 3 peaked at 1,083 and now is correcting lower in wave 4. As wave 2 was a simple deep correction, that corrected 61.8% of wave 1, we should expect a prolonged flat or triangle consolidation in wave 4. The 38.2% correction target of wave 3 is seen at 679.
Once this wave 4 correction is complete, a new impulsive rally to above 1,083 is expected in wave 5 towards 1,757.
