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AMZN Primary Impulse Ⓐ Continues Decline

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AMZN

AMZN suggests the formation of a standard zigzag consisting of sub-waves a-b-c of the cycle degree. Wave a is a bullish 5-wave impulse with the primary wave ⑤ being an ending diagonal.

In the last section of the chart, there is a decrease in the price. In fact, this could indicate the beginning of a bearish correction b, which could take the form of a zigzag Ⓐ-Ⓑ-Ⓒ.

There could be a decline in the final intermediate wave (5) soon. This could end the primary impulse wave Ⓐ near 2530.79. At that level, wave (5) will be at 100% of the previous impulse (3).

After the end of the impulse wave Ⓐ, the stock price could resume growth in the correction Ⓐ.

AMZN

Alternatively, the market has just completed the formation of the primary correction ④.

On the current chart, we can observe the final part of this correction. It took the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z).

Prices can then begin to move up within the final wave ⑤ of the primary degree.

Most likely, the shares will rise in price significantly above the high of 3772.99. This was marked by the intermediate intervening wave (X).

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