Forex Trading Library

AMZN Bearish Impulse To End Wave Ⓐ Near 72.04

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Chart of Amazon

The current AMZN structure suggests a price decline, which could indicate the beginning of a bearish correction b in the long term. It can take the form of a primary zigzag Ⓐ-Ⓑ-Ⓒ.

In the near future, prices will move lower in the final intermediate wave (5) of the leading diagonal Ⓐ to 72.04. At that level, minor wave 5 will be at 76.4% of impulse 3.

With wave Ⓐ completed, we can expect the development of a new primary correction Ⓑ.

Chart of Amazon

It is worth considering an alternative scenario. According to this view, the leading diagonal Ⓐ is fully completed.

Now we see the price increase in a sideways correction Ⓑ.

The correction wave Ⓑ will take the form of an intermediate double three (W)-(X)-(Y). The second intervening wave (X) has come to an end.

In the near future, an upward movement is expected in the final wave (Y) to a maximum of 146.85. It can take the form of a minor zigzag A-B-C.

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