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AMZN Huge Correction Begins Primary Impulse!

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AMZN suggests the development of a zigzag, which consists of sub-waves a-b-c of the cycle degree. The first major wave a ended as a bullish 5-wave impulse.

In the last section of the chart, we see a decrease in the price, which could indicate the beginning of a bearish correction wave b. It could take the form of an Ⓐ-Ⓑ-Ⓒ zigzag.

Most likely, in the near future we will see a continuation of the depreciation of stocks in the final intermediate wave (5). This could end the primary impulse wave near 93.41. At that level, wave (5) will be at 76.4% of previous impulse (3).

After the end of the impulse wave Ⓐ, the prices are likely to rise in the primary correction Ⓑ.

However, it is possible that the market has completed the formation of the primary wave Ⓐ. According to this markup, the wave Ⓐ has the form of a leading diagonal (1)-(2)-(3)-(4)-(5).

In this case, in the last section of the chart, we see the price increase in a bullish correction Ⓑ.

The correction wave Ⓑ will take the form of an intermediate double zigzag (W)-(X)-(Y). This is where the actionary wave (W) is also a double zigzag W-X-Y of a lesser degree.

It is possible that the correction Ⓑ will be at 61.8% of wave Ⓐ. Thus, its completion is expected to reach the level of 155.06.

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