Amazon Wave Analysis – 18 November, 2022

• Amazon reversed from key resistance level 103.20

• Likely to fall to support level 86.70

Amazon recently reversed down from the key resistance level 103.20 (former strong support from May and June), intersecting with the 20-day moving average and the 50% Fibonacci correction of the downward impulse from October.

The downward reversal from the resistance level 103.20 stopped the earlier short-term corrective wave 4.

Given the clear daily downtrend, Amazon can be expected to fall further toward the next support level 86.70.