Thursday, January 21, 2021 8:02 AM EST
(Click on image to enlarge)
AMZN is at the final part of a major bullish impulse of the primary degree.
Wave ④ has completed, and its internal structure hints at a contracting (A)-(B)-(C)-(D)-(E) triangle.
The price is likely to rise in the impulse wave ⑤ near 3922.89.
At that level, this wave will be at 50% of impulse ③.
An alternative scenario shows that primary correction ④ takes the form of a triple three.
The intermediate waves (W)-(X)-(Y) complete a zigzag structure.
Now we see the construction of the upside intervening wave (X), or rather its final impulse C.
In the near-term, the price could rise to the 3641.67 area, which is on the resistance line.
Finally, prices could fall in the final wave (Z), to the support line and the level of 3070.17.
Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). ...
more
Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). Orbex LIMITED is licensed to provide Investment Services (Reception & Transmission, Execution and Dealing on own account) and Ancillary Services.
Risk Warning: 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, the 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.
less
How did you like this article? Let us know so we can better customize your reading experience.
Gotta love #Amazon. It will forever go higher! Bullish on $AMZN.