Amazon Wave Analysis – 17 June, 2020

• Amazon reversed from support level 2520.00

• Likely to rise to 2670.00

Amazon recently reversed up from the key support level 2520.00 (former strong resistance from May, acting as the support after it was broken by the previous impulse wave (1)).

The upward reversal from this support level started the active medium-term impulse wave (3) – which belongs to wave ⑤ from the end of May. Amazon is likely to rise further toward the next resistance level 2670.00 (top of the pervious impulse wave (1)) – followed by 2800.00.