AMZN at an all-time high: To be continued?

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AMZN reaches a new all-time high of $225.8, positioning itself at the upper boundary of an ascending channel that began on January 6, 2023, when it hit a low of $83.07. This channel, nearing its two-year milestone, has developed in five waves, as outlined by the Elliott Wave Theory:

Wave 1
Period: January 4, 2023 - September 14, 2023
Movement: $81.43 to $145.86 (+79%)

Wave 2
Period: September 14, 2023 - October 26, 2023
Movement: $145.86 to $118.35 (-19%)

Wave 3
Period: October 26, 2023 - July 8, 2024
Movement: $118.35 to $201.20 (+70%)

Wave 4
Period: July 8, 2024 - August 5, 2024
Movement: $201.20 to $151.61 (-25%)

Wave 5 (in progress)
Estimated period: August 5, 2024, to today
Projected movement: $151.61 to a range of $226.00 - $231.85 (+49% to +53% projected)

Key Questions for Caution on AMZN

Will it surpass the channel's upper boundary, setting new all-time highs?
Will it retrace to a dynamic support level within the channel (ranging between $201 and $195)?
Will it break below the ascending channel, signaling the start of a higher-degree correction?

Our opinion is for educational purposes only and should not be considered a recommendation to buy or sell. Before making any investment, consult with your financial advisor.

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ملاحظة

Finally, today AMZN reached a new all-time high of $227.15. Next week will be crucial to determine whether it stays above the upper boundary of the ascending channel or returns to move within its limits.