The current AMZN structure indicates an impulse consisting of primary sub-waves ①-②-③-④-⑤.
Sub-waves ①-②-③-④ are fully complete. The horizontal correction ④ takes the form of a contracting triangle of the intermediate degree.
At the time of writing, we could expect the final primary wave ⑤ to rise to the 4014.24 area.
At that level, wave ⑤ will be at 61.8% of primary impulse ③.
An alternative scenario shows that the primary correction wave ④ is not yet complete.
In this case, it is a bearish (A)-(B)-(C) zigzag. Intermediate impulse wave (A) and the correction wave (B), which has taken the form of a triangle, has ended.
We could see a drop in the price of AMZN shares within the intermediate impulse wave (C) to the 2712.77 area. At that level, primary correction ④ will be at 78.6% of impulse wave ③.
After successful completion of the intermediate zigzag, the price could rise in the primary wave ⑤ above the previous maximum.
