Forex Trading Library

AMZN Bearish Impulse Drops to $80!

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Chart of AMZN

In the long term, AMZN develops a bearish correction b taking the form of a zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree.

Prices are now in the final intermediate wave (5) of the leading diagonal Ⓐ. As part of wave (5), a long correction 4 could come to an end forming a minute double zigzag.

Thus, in the upcoming trading days, prices could continue to fall within wave 5 to 76.47. At that level, waves 5 and 3 will be equal.

Chart of AMZN

Let’s consider an alternative scenario in which the leading diagonal Ⓐ has ended. The price is moving in the horizontal correction wave Ⓑ.

The primary correction wave Ⓑ, in the current version of the markup, will take the form of an intermediate double three (W)-(X)-(Y). The sub-waves (W) and (X) are already fully completed.

In the near future, an upward movement in the final zigzag wave (Y) is likely to 146.85, at which the first actionary leg (W) ended.

Test your strategy on how the AMZN will fare with Orbex

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