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Amazon Wave Analysis – 01 November, 2019

  • Amazon reversed from support zone
  • Likely to rise to 1800.00 and 1850.00

Amazon recently reversed up from support area lying between the round support level 1700.00 (which has been reversing the price from June), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from last December.

The upward reversal from this support area started the active medium-term impulse wave (3).

Amazon is expected to rise further and retest the next resistance levels – 1800.00 (top of the previous impulse (1)) and 1850.00 (top of the previous wave (B)).

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