AMZN: Primary Wave â’¶ Nears Completion Level
The current AMZN structure suggests a corrective trend. It is assumed that a zigzag is formed, which consists of cycle sub-waves a-b-c.
After the end of the impulse growth of wave a, the price began to decline, which may indicate the beginning of a bearish correction b. It may take the form of a primary zigzag â’¶-â’·-â’¸.
In the near future, we can expect the continuation of the depreciation of shares in the final intermediate wave (5) of the leading diagonal â’¶ to 60.68. At that level, wave (5) will be at 123.6% of previous impulse (3).
After the end of the wave â’¶, the growth of shares in the primary correction â’· is possible.
Alternatively, the leading diagonal â’¶ is fully completed.
In this case, in the last section of the chart, we see a price increase in a sideways correction.
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It is assumed that the correction wave â’· will take the form of an intermediate double three (W)-(X)-(Y).
Perhaps the second intervening wave (X) has come to an end, so an upward movement in the final wave (Y) to a maximum of 146.85 is expected in the near future.
