AMZN: Primary impulse could have just begun to form its final part

AMZN shares are expected to develop a zigzag, which consists of sub-waves a-b-c of the cycle degree. Perhaps the market has completed the formation of the first major wave a, it represents a bullish 5-wave impulse.

Since the end of last year, there has been a decline in the price, which may indicate the beginning of the construction of a bearish correction b. This correction may take the form of a zigzag Ⓐ-Ⓑ-Ⓒ.

Most likely, in the near future we will see a continuation of the depreciation of stocks in the final intermediate wave (5), which may end the primary impulse wave at 93.41. At that level, wave (5) will be at 76.4% of previous impulse (3).

After the end of the impulse wave Ⓐ, the stock is expected to rise in the primary correction Ⓑ.

Let's consider a scenario in which the market has completed the formation of the primary wave Ⓐ. According to this markup, the wave Ⓐ has the form of a leading diagonal (1)-(2)-(3)-(4)-(5).

In this case, in the last section of the chart, we see a price increase within the bullish correction Ⓑ.

It is assumed that the correction wave Ⓑ will take the form of an intermediate double zigzag (W)-(X)-(Y), where the actionary wave (W) is also a double zigzag W-X-Y of a lesser degree.

It is possible that the correction Ⓑ will be at 61.8% of wave Ⓐ. Thus, its completion is expected to reach the level of 154.91.

An approximate scheme of possible future movement is shown on the chart.