Amazon Wave Analysis – 7 February 2025

- Amazon reversed from the resistance area
- Likely to fall to support level 226.60

Amazon recently reversed down with the downward gap from the resistance area between the pivotal resistance level 240.00 (which has stopped the previous waves iii and i), the resistance trendline of the daily up channel from August and the upper daily Bollinger Band.

The downward reversal from the resistance area started the active short-term correction ii.

Given the strength of the resistance area near the resistance level 240.00 and the overbought daily Stochastic, Amazon can be expected to fall to the next support level 226.60.