Amazon Wave Analysis – 18 May 2023
May 18, 2023 @ 17:35 +03:00
• Amazon broke resistance level 113.75
• Likely to rise to resistance level 120.00
Amazon rising sharply after the price broke the key resistance level 113.75 (former multi-month high from February).
The breakout of the resistance level 113.75 accelerated the active impulse wave 3, which then broke the daily up channel from March- which further accelerated the active impulse waves 3 and (C).
Amazon can be expected to rise further toward the next resistance level 120.00 (target price for the completion of the active impulse wave 3).