The AMZN structure shows the development of a primary degree ①-②-③-④-⑤.
Recently, the horizontal correction wave ④ in the form of a flat (A)-(B)-(C) has come to an end. We then saw the development of the initial part of the primary 5th wave.
In the short term, we expect that bulls will move prices in intermediate sub-waves (3)-(4)-(5) to the 3905.73 area. At that level, wave ⑤ will be at 61.8% of impulse ③.
An alternative scenario shows the continuation of the primary corrective wave ④ in the next coming trading days. This correction has a more complex structure and takes the form of an intermediate double (W)-(X)-(Y) zigzag.
If this hypothesis is confirmed, then we can expect a decline in prices within the minor wave C. This is likely to end wave (Y) near 2818.30. At that level, wave C will be at 76.4% of impulse A.
Finally, the price is likely to increase in the primary 5th wave above the maximum of 3551.76.
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