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.
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.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
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.
Join our responsible trading community – Open your Orbex account now!
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
- PBoC kept the interest rate unchanged. The US stock indices rise despite rising manufacturing inflation May 15, 2024
- Meme-stock mania: Will GameStop, AMC stocks surge even higher? May 15, 2024
- Euro climbs to five-week high ahead of US CPI data May 15, 2024
- Australia will release its annual budget today. Rising inflation expectations hurt US stock indices May 14, 2024
- JPY declines again May 14, 2024
- Trade of the Week: CHINAH to extend lead as Asia’s winner? May 13, 2024
- The German index has hit an all-time high. China sees rising consumer inflation May 13, 2024
- Brent crude oil faces downward pressure amid demand uncertainties May 13, 2024
- COT Metals Charts: Speculator bets led by Platinum & Copper May 11, 2024
- COT Bonds Charts: Speculator bets led by Fed Funds & Ultra 10-Year Bonds May 11, 2024