EWS
Short

Amazon - S/H/S top building

NASDAQ:AMZN   AMAZON.COM INC
Amazon peaked in wave 3 at 1,083 and has since build a possible S/H/S top, This top-formation will be activated upon a break below the neckline support at 927 and will call for a decline to at least 770, which is the measured S/H/S top target.

However, the Elliott wave count, shows wave 3 peaked at 1,083 and now is correcting lower in wave 4. As wave 2 was a simple deep correction, that corrected 61.8% of wave 1, we should expect a prolonged flat or triangle consolidation in wave 4. The 38.2% correction target of wave 3 is seen at 679.

Once this wave 4 correction is complete, a new impulsive rally to above 1,083 is expected in wave 5 towards 1,757.

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Can you post a longer term chart that shows AMZN's recent top of $1083 is at wave 3? Thanks!
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EWS Will Wong
@Will Wong, Sure thing - It will be updated during today.
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