By Orbex
The current AMZN structure shows a bullish impulse. This includes the formation of a deep fourth wave of the primary degree.
The primary correction wave ④, apparently, takes the form of an intermediate triple combination (W)-(X)-(Y)-(X)-(Z). Let’s pay attention to the last wave (Z), which is not enough to complete the correction pattern.
Wave (Z) most likely takes the form of a triple zigzag W-X-Y-X-Z. The minute ending diagonal could have finished the development of the minor intervening wave X. So, the price could fall in the minor wave Z in the direction of the price level of 2867.82 soon.
At that level, wave Z will be at 161.8% of wave Y.
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
Then bulls could enter the market and push the price in the primary fifth wave above the level of 3772.99, marked by an intermediate intervening (X), as shown on the chart.
However, the formation of the primary correction ④ could have ended. And now the primary fifth wave is developing, taking the form of an ending diagonal (1)-(2)-(3)-(4)-(5) of the intermediate degree.
It seems that correction (4) in the form of a minor double zigzag W-X-Y has come to an end not so long ago. An intermediate wave (5), taking the form of a double zigzag W-X-Y, is currently under construction.
In the near future, market participants can expect the construction of a minute zigzag ⓐ-ⓑ-ⓒ, which forms the final minor wave Y. Growth in this zigzag is possible near 4349.36. At that level, wave ⑤ will be at 76.4% of primary impulse wave ③.
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
- Riksbank and Banxico cut interest rates by 0.25%. BoE, Norges Bank, and PBoC left rates unchanged Dec 20, 2024
- Brent Oil Under Pressure Again: USD and China in Focus Dec 20, 2024
- Market round-up: BoE & BoJ hold, Fed delivers ‘hawkish’ cut Dec 19, 2024
- NZD/USD at a New Low: The Problem is the US Dollar and Local GDP Dec 19, 2024
- The Dow Jones has fallen for 9 consecutive trading sessions. Inflationary pressures are easing in Canada. Dec 18, 2024
- Gold Holds Steady as Investors Await Federal Reserve’s Rate Decision Dec 18, 2024
- European indices under pressure amid political and economic weakness in the main countries of the bloc Dec 17, 2024
- EUR/USD Holds Steady Ahead of Crucial Federal Reserve Meeting Dec 17, 2024
- Canadian dollar falls to a four-year low. France loses credit rating Dec 16, 2024
- Japanese Yen Hits Three-Week Low as Bank of Japan Holds Rate Steady Dec 16, 2024
