21 Jan

AMZN Bulls Target 3922.89 On Impulse Pattern

January 21, 2021

By Orbex

amzn elliott

AMZN is at the final part of a major bullish impulse of the primary degree.

Wave ④ has completed, and its internal structure hints at a contracting (A)-(B)-(C)-(D)-(E) triangle.

The price is likely to rise in the impulse wave ⑤ near 3922.89.

At that level, this wave will be at 50% of impulse ③.

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amzn

An alternative scenario shows that primary correction ④ takes the form of a triple three.

The intermediate waves (W)-(X)-(Y) complete a zigzag structure.

Now we see the construction of the upside intervening wave (X), or rather its final impulse C.

In the near-term, the price could rise to the 3641.67 area, which is on the resistance line.

Finally, prices could fall in the final wave (Z), to the support line and the level of 3070.17.

By Orbex


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