By Orbex
AMZN seems to be forming a bullish impulse, which includes the formation of a long-term fourth wave.
The primary correction wave ④ takes the form of an intermediate triple combination. The second intervening wave (X), which took the form of a double zigzag, has ended.
In the medium term, the final intermediate wave (Z) could continue, as shown on the chart. It has a complex zigzag structure W-X-Y-X-Z.
The expectation for the end of wave (Z) is to reach the 2870.58 area. At that level, it will be at 161.8% of wave (Y). After that, the growth in the primary fifth wave can update the maximum of 3772.99, marked by the intermediate intervening wave (X).
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However, the formation of the primary correction ④ could have been completed earlier. In this case, the last fifth wave may be forming now.
It is possible that the primary wave ⑤ will have the internal structure of an ending diagonal. It seems that the market has recently completed the development of the intermediate wave (4).
So in the near future, it could continue to grow in the final intermediate wave (5) to the level of 4071.33, which could take the form of a minor triple zigzag.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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