(Click on image to enlarge)
On the 1H timeframe for Amazon (AMZN) shares, we can notice the formation of a bearish correction b. This takes the form of a zigzag of the primary degree Ⓐ-Ⓑ-Ⓒ.
The depreciation of prices is likely in the final intermediate wave 5 of (5) of the leading diagonal Ⓐ to the level of 48.55. At that level, minor wave 5 will be at 123.6% of impulse wave 3.
Wave 5 can take the form of a minute impulse, as shown in the chart.
(Click on image to enlarge)
However, another scenario shows the leading diagonal Ⓐ could be completed. Now, the price is moving within the sideways correction Ⓑ.
There is a high probability that the correction wave Ⓑ will take the form of an intermediate double three (W)-(X)-(Y). The second intervening wave (X) has come to an end.
In the coming trading days, an upward movement is expected in the final wave (Y). This wave could be a zigzag A-B-C and go towards 146.85, where the wave (W) was completed.
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