By Orbex
AMZN shares seem to be forming a bullish impulse, which includes the formation of a large 4th wave.
The primary correction wave ④ takes the form of an intermediate triple combination. The level of 3753.87 has completed the development of the second intervening wave (X), which took the form of a double zigzag.
Thus, in the medium term, the market could begin to move lower, forming an intermediate wave (Z). This wave can take a simple A-B-C zigzag, as shown in the chart.
The end of wave (Z) is likely to reach 2886.58, just below the previous minimum formed by wave (Y). At that level, wave (Z) will be at 161.8% of wave (Y).
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
An alternative scenario shows that the formation of the primary correction ④ was completed a little earlier.
It is quite likely that wave ⑤ will have the internal structure of an ending diagonal. At the time of writing, the first three corrective parts of the diagonal have ended.
In the near future, a slight decline is likely in the intermediate correction (4). Then the price will continue to grow in the final intermediate wave (5) to the level of 4066.64.
At that level, primary wave ⑤ will be at 61.8% of primary impulse wave ③, which is not visible on the chart.
By Orbex
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024
- COT Bonds Charts: Speculator Weekly Changes led by 5-Year & 10-Year Bonds Apr 28, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & Russell-Mini Apr 28, 2024
- COT Soft Commodities Charts: Speculator Bets led by Corn & Soybean Meal Apr 28, 2024
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024