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amzon elliott

The current AMZN formation hints at a bullish impulsive ①-②-③-④-⑤ trend of the primary degree.

The first four parts of the pattern are fully complete.

Corrective wave ④ took the form of a double zigzag, which consisted of intermediate sub-waves (W)-(X)-(Y).

Prices could rise in the impulse wave ⑤ to the 3795.74 area.

At that level, primary impulse ⑤ will be at 50% of primary impulse ③.

amzn

An alternative scenario shows the corrective wave ④ is still under development.

In this case, we could see the formation of a flat in the form of a triangle.

Currently, we could expect the intermediate wave (D) of this triangle to end at the resistance line near 3466.15.

The final wave (E) can send price to the support level of 2977.18.

After the completion of the triangle, a rise is expected in the primary wave ⑤.

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