Categories: Technical analysis

Amazon Wave Analysis – 4 August, 2022

• Amazon rising inside the ABC correction 4

• Likely to rise to resistance level 150.00

Amazon continues to rise inside the sharp upward correction 4, which previously broke the key resistance level 125.00, intersecting with the 38.2% Fibonacci correction of the downward impulse from March.

The breakout of the resistance level 125.00, accelerated the active minor impulse wave (c) of the ABC correction 4 from the middle of June.

Amazon can be expected to rise further toward the next round resistance level 150.00 (target for the completion of the active ABC correction 4).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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