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The structure of Amazon's (AMZN) shares shows the development of a corrective trend. It is assumed that a zigzag is formed, which consists of sub-waves a-b-c of the cycle degree. Perhaps at the end of last year, the market completed the formation of the first major wave a, it is a bullish 5-wave impulse.

After the end of the impulse growth, the price began to decline, which may indicate the beginning of a bearish correction b. It may take the form of a zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree.

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 Ⓐ near 92.78. At that level, wave (5) will be at 76.4% of the previous impulse (3).

After the end of the impulse wave Ⓐ, we expect the stock to grow in the primary correction Ⓑ.

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An alternative scenario is possible, where the market has completed the formation of the primary wave Ⓐ. According to this markup, the wave Ⓐ has the form of a leading diagonal (1)-(2)-(3)-(4)-(5).

In this case, in the last section of the chart, we see the price increase in a bullish correction Ⓑ.

It is assumed that the correction wave Ⓑ 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 Ⓑ will be at 61.8% of wave Ⓐ. Thus, its completion is expected to reach the level of 154.93.

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