Amazon’s shares moved in a sideways range since last year, forming a primary degree correction in wave ④. The ranging market has taken a triple-three structure which consists of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).
With all sub-waves complete the entire primary correction has finished and a bullish impulse has begun. The 5-wave move consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5).
Still, in its infancy, investors can assume an initial resistance zone at the previous top formed by wave (X).
This could take AMZN to the 3771.48 area.
However, in case the primary correction is incomplete, intermediate wave (Z) could turn out to be a triple zigzag consisting of minor sub-waves W-X-Y-X-Z.
With the first three parts of this triple zigzag fully finalized, wave X is currently under development.
It could complete its run near 3443.14, where wave X will be at 50% of wave Y.
Should the correction conclude at the said level the market could appreciate to 2882.66. There, prices would form a double bottom with wave (Y).
