Amazon Stock Analysis: AMZN Elliott Wave OutlookAmazon.com, Inc.BATS:AMZNsdk-tradingAmazon Stock Analysis: Long-Term Structure, Elliott Wave and Key Price Zones Amazon stock has just made a new higher high, while the larger AMZN technical structure remains inside a rising channel that has guided price for almost two decades. In this analysis, I will start with the monthly chart, then move down to the weekly and daily timeframes. The goal is to understand where Amazon may be inside its larger Elliott Wave structure, where the current advance could extend, and which price areas become important if a correction begins. The Long-Term Amazon Stock Structure Amazon has been moving inside a large rising channel since around 2007. Price is still trading inside this structure, so at this stage I do not see evidence of a confirmed long-term reversal. The Elliott Wave count also suggests that the larger bullish structure is still developing. For readers who are new to Elliott Wave, an impulse consists of five waves, and each of those waves can contain a smaller five-wave structure of its own. This is why several different wave degrees and colors appear on the chart. The important point is simple: the completion of one smaller wave does not automatically mean the entire long-term Amazon advance is complete. Insert: full monthly Amazon chart showing the long-term channel and higher-degree Elliott Wave count. Where Is AMZN in the Larger Elliott Wave Count? On the larger count, Amazon is still developing wave three of the highest-degree structure shown on my chart. Inside it, the smaller orange structure is also developing wave three, while the yellow and green degrees are further along in their respective impulses. There is therefore still a considerable amount of structure that can develop before the entire long-term sequence is complete. The upper part of the long-term channel is currently much higher than the market, around the $560–600 area on this projection. I do not treat that channel boundary as a price target. It simply shows that the larger technical structure still leaves substantial room above the current price. Insert: zoomed monthly chart showing the current higher-timeframe Elliott Wave position inside the rising channel. Amazon Has Made a New Higher High The current price action is still constructive. AMZN recently moved above its previous high and reached a new high around $287. The latest advance is not especially aggressive, but the breakout keeps further upside development possible. At the smaller Elliott Wave degree, I am currently following a fifth wave. The exact length of a fifth wave cannot be known in advance, so Fibonacci gives us a useful reference rather than an exact target. Fibonacci Projection: $300–400 For the current fifth wave, the Fibonacci projection zone around 38% to 62% gives an approximate area of $300–400. This is the first major upside area I am watching. It should be treated as a potential wave-completion zone rather than a fixed ceiling. An extended fifth wave can continue beyond it, and the much larger rising channel still leaves room for higher prices. Insert: weekly chart showing: - Possible Wave 5 end zone at $300–400 - $200–250 - $150–180 - $110–130 - $85–100 Key Amazon Support Areas if a Correction Begins If the current advance eventually moves into a larger correction, I would focus on a sequence of price areas rather than one exact downside target. The main zones on my chart are: $200–250, first major support cluster $150–180, next lower structural area $110–130, deeper support cluster $85–100, major lower historical area These are not predictions that Amazon must fall to each level. They are reference areas where I would reassess the price structure if a larger decline develops. If price remains above the higher zones, there is no reason to automatically focus on the much lower ones. A Small Daily Gap Below Price There is also a shorter-term detail on the daily chart. The latest move left a small gap below the current price. Amazon could return into this area during a pullback and test the recent breakout region before another move higher. The gap does not have to close, so I would treat it simply as another nearby area to monitor. Insert: daily chart showing the small gap below the current Amazon price. The Bigger Structure Has Changed Very Little I mapped this larger Amazon structure approximately a year ago. Since then, price has continued to move and several smaller waves have developed, but the main higher-timeframe interpretation has not required a major change. That is one reason I prefer to begin with monthly and weekly charts. Short-term price movement can be substantial while the larger market structure develops much more slowly. What Could Happen Later? The larger Elliott Wave structure can continue through several additional advances and corrections. Eventually, a much larger fourth-wave correction can develop on the higher degree. On a monthly chart, that type of correction may appear as a broad sideways structure. But "sideways" does not mean low volatility. Price can decline sharply, recover strongly, decline again and continue moving through a very wide range for several years. Tesla Shows What a Large Sideways Structure Can Look Like I recently discussed a similar concept in my Tesla analysis. Tesla is already further along in this type of large corrective structure. Since 2022, the stock has moved through an extremely wide range while making relatively little progress on the larger chart. If you want a visual example of what I mean by a multi-year sideways correction, you can watch that analysis here: 04:58 Amazon Stock Outlook: What Matters Now For now, the long-term Amazon stock structure remains upward. AMZN is still trading inside its rising channel and has recently made a new higher high. The main areas I am watching are: $300–400, current Fibonacci projection zone for the developing fifth wave $560–600, approximate upper region of the larger long-term channel, not a fixed target $200–250, first major support area if a larger correction develops $150–180, next lower structural zone $110–130 and $85–100, deeper support areas if the correction becomes substantially larger The current higher high keeps the upside structure active, while the Fibonacci projection and support zones give us a map for monitoring what develops next.