Amazon: Continuing to Rise

With Amazon’s recent climb, prices are edging closer to the top of wave (1) in magenta. However, there is still a bit of upside potential in the short term before wave (2) makes its corrective move. Our primary scenario does not anticipate a new low below $160.50. Instead, we expect wave (3) in magenta to eventually surpass resistance at $242.52. Under our alternative scenario, there is a 30% chance we could see new lows below $160.50. In this case, wave alt.B in beige would have peaked at $242.52, prompting us to focus on a magenta downward impulse.

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