The current AMZN structure suggests the construction of a simple zigzag consisting of sub-waves a-b-c of the cycle degree.
The first major wave a, which includes primary sub-waves ①-②-③-④-⑤, has ended. In the last section of the chart, there is a decrease in the price, which could indicate the beginning of the construction of a bearish correction b. This correction could take the standard zigzag shape Ⓐ-Ⓑ-Ⓒ.
In the near future, there could be a decrease in the final intermediate wave (5), which can end the primary impulse wave Ⓐ near 2537.87. At that level, wave (5) will be equal to the previous impulse (3).
After the primary impulse wave Ⓐ ends, the stock price will begin to rise in correction Ⓑ, as shown on the chart.
Alternatively, the cycle impulse wave a could still be in the formation stage. Perhaps the construction of the primary correction ④ has recently ended.
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On the current chart, we see the final part of this correction. It took the form of an intermediate triple (W)-(X)-(Y)-(X)-(Z) zigzag.
The market will start moving upwards within the final wave ⑤ of the primary degree.
Most likely, prices will rise in price significantly above the high of 3772.99. This is marked by the minor intervening wave X.
Article by Orbex
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