AMZN Stock Builds Momentum Toward $275 as Bullish Pattern Strengthens

Amazon (AMZN) is gaining fresh upward traction after wrapping up a correction phase and reclaiming its bullish footing. The current chart structure hints that the next growth phase might already be in motion—possibly pushing shares toward the $270–$275 zone over the next few weeks.

Technical Setup Points to Renewed Strength

Following weeks of sideways movement, Amazon shares have bounced decisively from the $214–$216 support area. Technical analyst WaveMaestro points out that the 4-hour chart shows completion of an Elliott Wave corrective ABC pattern, now followed by a powerful upward push.

The price has climbed back above the $225–$228 zone—a level that previously acted as resistance. With the 200-day EMA sitting comfortably below current prices, the broader uptrend appears intact. This positioning reflects growing market confidence and hints at renewed institutional interest.

Key Levels and Market Structure

Bullish confirmation sits at $228, with current trading around $251. The next meaningful resistance target lies at $275, while primary support holds at $216. A drop below $192 would invalidate the bullish scenario entirely. The expected trajectory points toward the $260–$275 range, assuming Amazon holds above the key threshold. The sharp upward candle on the chart signals strong market conviction—likely fueled by improving AWS fundamentals and rising optimism around Amazon's AI initiatives.

Wave Structure Suggests Fifth Impulse Formation

Amazon's recent movement appears to fit a Wave 4 correction, with the next Wave 5 rally now taking shape. This structure points toward a continuation of the broader uptrend that's been building since spring 2025. Holding above $228 confirms the wave progression, while staying above $216 keeps the bullish scenario alive. Breaking below that support would invalidate the pattern and suggest a deeper pullback is ahead.

Fundamental Tailwinds Reinforce the Technical Case

Beyond the technicals, Amazon's latest earnings paint a supportive picture. AWS has accelerated back to 20% revenue growth—its fastest clip since 2022—backed by a record $200 billion order backlog. This surge in cloud performance and AI-related demand aligns well with the chart setup, suggesting both near-term momentum and longer-term structural strength.