17 Jun

AMZN Minor Wave Y To Complete Intervening Wave (X)

June 17, 2021

By Orbex

AMZN looks to be in a bullish trend which takes on a ①-②-③-④-⑤ impulse form.

At the time of writing, the long-term primary correction ④ is in formation. It hints at a triple three. In this pattern, sub-waves (W)-(X)-(Y) have ended.

The second intervening wave (X) of the intermediate degree is under development. Wave (Y) is similar to the W-X-Y double zigzag.

In the short term, we could expect the price to continue rising to 3559.85. At that level, wave (X) will be at 123.6% of wave (Y). After the end of wave (X), a bearish price move in wave (Z) is possible below the minimum of 2886.58.

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According to the alternative scenario, the formation of the second intervening wave (X) of the intermediate degree, could be completed as part of the primary correction wave ④. It took the form of a minor A-B-C zigzag.

We can also notice a minor impulse A and a zigzag bullish correction B, which are part of the last actionary wave (Z).

Thus, in the near future, the price could decline within the impulse wave C to 2904.06. At that level, wave (Z) will be at 123.6% of wave (Y).

After reaching this level, the primary fifth wave could send prices above the maximum of 3516.45.

By Orbex


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