AMZN Final Leg Of Triple Zigzag Has Begun

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).

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