22 Sep

AMZN Triple Zigzag To End Near 2870.58

September 22, 2021

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).

Free Reports:

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.





Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter




AMZN

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.

Orbex-LogoArticle 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


investmacro cot newsletter




Financial News Stock Market News