09 Nov

AMZN Primary Correction To End Above 5K

November 9, 2021

By Orbex

Amazon

Amazon looks to develop a bullish impulse, which includes the formation of a deep fourth wave of the primary degree.

The primary correction wave ④ takes the form of an intermediate triple combination (W)-(X)-(Y)-(X)-(Z). The final wave (Z) most likely takes the form of a double W-X-Y-X-Z zigzag.

It is possible that the minute ending diagonal has completed the development of the minor intervening wave X.

So in the near future, the price could begin to decrease in the minor wave Z in the direction of the price level of 2867.82. At that level, wave Z will be at 161.8% of wave Y.

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Amazon

An alternative scenario shows that the formation of the primary correction ④ has ended. Now the primary fifth wave, taking the form of an ending diagonal (1)-(2)-(3)-(4)-(5) of the intermediate degree, is in the process of development.

It seems that correction (4) in the form of a minor double zigzag W-X-Y has recently ended. An intermediate wave (5), taking the form of a double zigzag W-X-Y, is currently under construction.

Growth in this zigzag is likely to reach the level of 4068.62. At that level, wave ⑤ will be at 61.8% of primary impulse wave ③.

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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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