AMZN Primary Impulse Wave Ⓐ Falls Below 2000

AMAZON shares show the formation of a zigzag consisting of sub-waves a-b-c of the cycle degree.

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

In the near future, the depreciation of prices is likely to continue in the final intermediate wave (5). This could end the primary impulse wave Ⓐ near 1986.43. At that level, wave (5) will be at 161.8% of previous impulse (3).

After the end of the impulse wave Ⓐ, a price correction in the primary wave Ⓑ is possible.

 

Let’s consider an alternative option in which the market has just completed the formation of the primary correction ④. On the current chart, the final part has taken the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z).

If our assumption is confirmed, then the market will soon begin to move higher within the final wave ⑤ of the primary degree.

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

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About the Author
“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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