The formation of a bearish correction is evident on the AMZN shares 1H timeframe. 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. Minor wave 5 will then be at 123.6% impulse wave 3.
Wave 5 can be a minute impulse as illustrated in the chart.
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 wave (X) that was in between has ended.
In the next trading day, a downward movement is expected in wave (Y). This wave could be A-B/C zigzag and reach 146.85 which is where the wave (W), was completed.
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