AMZN Bulls Target 3922.89 On Impulse Pattern

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AMZN is at the final part of a major bullish impulse of the primary degree.

Wave ④ has completed, and its internal structure hints at a contracting (A)-(B)-(C)-(D)-(E) triangle.

The price is likely to rise in the impulse wave ⑤ near 3922.89.

At that level, this wave will be at 50% of impulse ③.

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An alternative scenario shows that primary correction ④ takes the form of a triple three.

The intermediate waves (W)-(X)-(Y) complete a zigzag structure.

Now we see the construction of the upside intervening wave (X), or rather its final impulse C.

In the near-term, the price could rise to the 3641.67 area, which is on the resistance line.

Finally, prices could fall in the final wave (Z), to the support line and the level of 3070.17.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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