Amazon Wave Analysis – 18 May 2023

• 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).