AMZN Primary Impulse To End Near 2642.62

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.

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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