Technical analysis

Amazon Wave Analysis 2 October, 2020

Amazon Wave Analysis 2 October, 2020

• Amazon rising inside impulse wave 3

• Likely to reach 3345.00

Amazon continues to rise inside the minor impulse wave 3, which belongs to the intermediate upward impulse wave (3) from the middle of September.

Impulse wave (3) started earlier from the support area located between the support level 2900.00, lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous extended upward impulse from March.

Given the strong overriding daily uptrend – Amazon is likely to rise further toward the next resistance level 3345.00 (top of the previous correction B and the target for the completion of the active impulse wave 3).

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