Amazon (AMZN) is showing renewed bullish momentum after moving higher from the lower side of its broader trading range and successfully breaking above the upper boundary near the 230 level. This breakout represents a decisive technical development, signaling the end of the prior corrective channel and reinforcing the bullish outlook supported by the company’s latest earnings results.
From an Elliott Wave perspective, the stock appears to be unfolding in a strong five-wave impulse structure, currently progressing within wave (C) of wave 3. The breakout above resistance confirms that buyers remain in control and increases the probability of continued upside in the coming sessions.
After the recent rally, the market is now entering a wave 4 pullback phase. This corrective move could provide traders with fresh buying opportunities before the next bullish leg develops. As long as the price remains above the key 220 support zone, the broader bullish structure remains intact.
Short-term upside levels to monitor are located around 248 and 259. A successful recovery from those areas could trigger the beginning of wave 5, opening the door for a larger advance toward the 280–300 region.
Highlights
Five-wave impulse structure developing into wave (C) of 3
Bullish breakout confirmed above key range resistance near 230
Support zone for wave 4 pullback stands between 256 and 240
Holding above 220 keeps the bullish outlook valid
Wave 5 could extend toward the 280–300 area
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