Amazon Wave Analysis – 17 February 2023
February 17, 2023 @ 21:30 +03:00
• Amazon reversed from resistance level 100.00
• Likely to fall to support level 91.50
Amazon recently reversed down from the round resistance level 100.00, intersecting with the former support trendline of the daily up channel from the start of January (acting as resistance after it was broken).
The downward reversal from the resistance level 100.00 is aligned with the clear multi-month downtrend that can be seen on the daily Amazon charts.
Amazon can be expected to fall further toward the next support level 91.50 (which stopped wave (ii) from the middle of January).