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.
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.
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.
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