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.
-638110107067121411.png)
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.
-638110107350432822.png)
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.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.
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.
Recommended content
Editors’ Picks
AUD/USD mildly down ahead of US inflation data
The AUD/USD saw some losses on Monday against the USD, which still remains weak after last week's data, which fueled dovish expectations for the Federal Reserve. With the pair maintaining its highest level since early January, the upside for the Aussie is limited by strong data reported last week.
EUR/USD faces initial up-barrier near 1.0850
EUR/USD halted its multi-day advance on Monday, facing some renewed downward pressure after faltering around the 1.0850 region on the back of the resurgence of the buying interest in the Greenback.
Gold price plummets as US yields drop and China stops bullion buying
The Gold price made a U-turn on Monday, trimming some of last Friday's gains and tanking more than 1% as risk appetite returned. US equities posted gains, while US Treasury bond yields edged lower. The XAU/USD trades around $2,358 after hitting a daily high of $2,391.
Here's what's happened in Solana today
Solana kicked off the new week with a lot of action on Monday after Cboe filed VanEck and 21Shares' Solana ETF application. Meanwhile, SOL surpassed Ethereum and Arbitrum in 24-hour decentralized exchange volume due to increased trading on the Raydium protocol.
Euro and Pound do good job absorbing political risk
A political gridlock in France and strong reassurances from the incoming UK government seem to have been enough to keep the Euro and Pound supported into this latest rally. Currencies have been better bid across the board, mostly on the back of a fresh wave of US Dollar selling.