Chart of the day

Where do we stand fundamentally?

In Amazon's latest quarterly earnings report for Q2 2024, the company saw a 10% increase in revenue, reaching $148 billion, although slightly below some analysts' expectations. Notably, Amazon's net income nearly doubled, rising to $13.49 billion, driven by strong performance in its cloud computing division, Amazon Web Services (AWS). AWS revenues grew 19% year-over-year, contributing significantly to Amazon's overall growth. Analysts remain optimistic about AWS, projecting further growth as demand for AI and cloud services continues to rise in the latter half of the year.

AMZN is breaking out above the consolidation resistance 180 in the fourth wave of the five upside waves. We need to see a break above 190 for the upside continuation in the fifth upside wave to happen and gain traction.

An invalidation level of a third-wave long-term extension higher and a bullish cycle is 160 As said this extension higher could lead to 200 and 220 targets in the medium-term to long-term if we get a confirmed break above 190.

_{Try a long trade entry with a stop loss below 170 to target 215 and higher upon a break above this level.}