Technical analysis by shkspr about Symbol AMZNX: Sell recommendation (5/22/2025)

AMZN Current Price Action: Price: $201.12 Recent Drop: -2.95 (-1.45%) Support and Resistance Levels: Immediate Resistance: $208–$212 (recent rejection zone) Immediate Support: $193.06 (Target Price 1) Further Supports: Target Price 2: $187.83 Target Price 3: $167.55 Target Price 4: $164.72 / $163.55 Target Price 5: $151.54 Final Wave Target (c): $133.70 Trendlines: Green Downtrend Line: Remains respected; price rejected at confluence. Red Long-Term Support Trendline: Still valid; could act as a structural bounce level if tested. Recent price action shows a breakdown from the short-term bullish move, indicating possible start of wave (c) to the downside. Wave Structure: Completion of corrective wave (b) followed by potential impulsive wave (c) targeting lower support areas. Elliott Wave count suggests $133.70 is a possible wave (c) extension zone under bearish pressure. Target Prices: Target Price 1: $193.06 This zone is a minor support where bulls may attempt a defense. Target Price 2: $187.83 A structural level from previous consolidation and a high-probability zone for price reaction. Target Price 3: $167.55 – $163.55 Consolidated support zone; may attract buying interest or lead to acceleration if broken. Target Price 4: $151.54 1-year support and psychological level. Target Price 5 / Wave (c): $133.70 If the bearish wave unfolds fully, this is the projected terminal zone. Summary: Amazon (AMZN) has rejected a key resistance zone and appears to be entering wave (c) of a broader correction. The structure is bearish below the downtrend line and indicates further downside. Critical support levels to watch are $193.06 and $187.83 in the short term, with deeper targets at $167.55 and possibly as low as $133.70. This correction could accelerate if key support zones are breached.