AMZN: Bearish impulse 5 likely to complete wave near 72.04
The current AMZN structure suggests a price decline, which may indicate the beginning of a bearish correction b in the long term. It can take the form of a primary zigzag.
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In the near future, we can expect the market to continue devaluing 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.
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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.
It is assumed that the correction wave will take the form of an intermediate double three (W)-(X)-(Y), where 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.
Author
Jing Ren
Orbex
Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.
