Amazon Wave Analysis 31 August 2023

– Amazon reversed from support level 132.50

– Likely to rise to resistance level 141.30

Amazon previously reversed up from the key support level 132.50 (former resistance from July) intersecting with the support trendline of the narrow up channel from March.

The support level 132.50 was further strengthened by the support trendline of the daily up channel from March and by the 61.8% Fibonacci correction of the upward impulse from July.

Given the clear daily uptrend, Amazon can be expected to rise further toward the next resistance level 141.30 (top of the previous correction 2).