By Orbex
In the long term, the AMZN structure shows a simple zigzag consisting of sub-waves a-b-c of the cycle degree.
The first major wave a is a bullish impulse consisting of primary sub-waves ①-②-③-④-⑤. In the last section of the chart, there is a decrease in the price. This could indicate the beginning of the construction of a bearish correction b. This correction could take the simple form of an Ⓐ-Ⓑ-Ⓒ zigzag.
In the near future, a decline in the final intermediate wave (5) is possible. In turn, this could end the primary impulse wave Ⓐ near 2642.62. At that level, wave (5) will be at 76.4% of the previous impulse (3).
After the completion of the primary impulse wave Ⓐ, the stock price will begin to rise in correction Ⓑ, as shown on the chart.
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Alternatively, only recently has the primary correction ④ ended.
On the current chart, there is the final part of this correction. It took the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z).
If our assumption is correct, then the market will start moving up within the final wave ⑤ of the primary degree.
Most likely, prices will rise significantly above the high of 3772.99.
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Article by Orbex
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