Elliott Wave Analysis: Amazon Rally Should Fail for another low

Hello Traders,

Short term Elliott Wave View in Amazon suggests that the bounce to 1784 ended red wave x. And red wave y is currently in progress lower as a double three Elliott Wave structure. Down from 1784, black wave ((W)) ended at 1420 and black wave ((X)) bounce is in progress and is currently trading in the blue box area where a reaction lower is expected. Internal of black wave ((W)) unfolded as a double correction where blue wave (W) ended at 1617.94, blue wave (X) ended at 1676.76, and blue wave (Y) ended at 1420.

Internal of black wave ((X)) is unfolding as a double three Elliott Wave structure where blue wave (W) ended at 1550 and blue wave (X) ended at 1502.10. We expect the stock soon to extend lower again as far as pivot at 1784 high stays intact. We don’t like buying the proposed rally.