Forex Trading Library

AMAZON: Triple Three Completion Hints At Impulse Growth

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The current AMZN structure shows a large upward impulse consisting of sub-waves ①-②-③-④-⑤.

It is likely that the formation of the horizontal correction ④ has come to an end. This was an intermediate triple three.

In the coming trading weeks, we can expect an impulse rise in prices within the final primary wave ⑤.

Wave ⑤ could end near the 3722.26 area. At that level, primary wave ⑤ will be at 50% of primary impulse ③.

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An alternative scenario hints at an incomplete primary corrective wave ④. Here, it is flat and consists of intermediate sub-waves (A)-(B)-(C).

Now the final part of the bearish impulse wave (C) is under construction. In its composition, the minor sub-waves 1-2-3-4 were completed, and wave 5 is at the beginning of its development.

Thus, in the near future, a decline in impulse 5 to 2749.86, which is on the support line, is likely.

Finally, prices could rise in the primary fifth wave above the maximum. This was formed by the double zigzag (B) above 3550.77.

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