AMZN seems to be forming a zigzag that 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 is 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 can 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 near 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 an option where the market has already 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.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.