Amazon Wave Analysis 15 March 2024

– Amazon reversed from resistance level 180.00

– Likely to fall to support level 171.00

Amazon recently reversed down from the pivotal resistance level 180.00 (which stopped the impulse wave i at the end of February) – creating the daily candlesticks reversal pattern Shooting Star.

The resistance level 180.00 was strengthened by the upper daily Bollinger Band.

Given the strength of the resistance level 180.00, Amazon can be expected to fall further toward the next support level 171.00 (low of the previous correction ii).