AMZN Minor Wave Y To Complete Intervening Wave (X)

By Orbex

AMZN looks to be in a bullish trend which takes on a ①-②-③-④-⑤ impulse form.

At the time of writing, the long-term primary correction ④ is in formation. It hints at a triple three. In this pattern, sub-waves (W)-(X)-(Y) have ended.

The second intervening wave (X) of the intermediate degree is under development. Wave (Y) is similar to the W-X-Y double zigzag.

In the short term, we could expect the price to continue rising to 3559.85. At that level, wave (X) will be at 123.6% of wave (Y). After the end of wave (X), a bearish price move in wave (Z) is possible below the minimum of 2886.58.

According to the alternative scenario, the formation of the second intervening wave (X) of the intermediate degree, could be completed as part of the primary correction wave ④. It took the form of a minor A-B-C zigzag.

We can also notice a minor impulse A and a zigzag bullish correction B, which are part of the last actionary wave (Z).

Thus, in the near future, the price could decline within the impulse wave C to 2904.06. At that level, wave (Z) will be at 123.6% of wave (Y).

After reaching this level, the primary fifth wave could send prices above the maximum of 3516.45.

By Orbex