Tech Stocks: (AMZN) Amazon Stock Price Nearing $160?
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Could Amazon Stock Price draw a zigzag?
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 â’¶-â’·-â’¸.
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).
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After the end of the impulse wave â’¶, the stock is expected to rise in the primary correction â’·.
Another scenatio for AMZN
Let's consider a scenario in which the market has completed the formation of the primary wave â’¶. According to this markup, the wave â’¶ 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 â’·.
It is assumed that the correction wave â’· 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 â’· will be at 61.8% of wave â’¶. Thus, its completion is expected to reach the level of 154.91.
An approximate scheme of possible future movement is shown on the chart.
