Amazon: Major Supply Rejects the RallyAmazon.com, Inc.BATS:AMZNStructure_ViewAmazon has failed to hold above the $280–$286 major supply zone and is now moving lower on the 4H chart. The rejection matters because this same area capped price earlier in the year. After another failed attempt to establish acceptance above it, short-term momentum has clearly shifted back toward sellers. The next major technical area I’m watching sits around $226–$234. That zone has already generated multiple strong reactions and remains the most important demand area below current price. The interesting part of this setup is the conflict between price action and fundamentals. Amazon’s underlying business momentum remains strong. AWS recently delivered its fastest growth in more than four years, while cloud demand, AI infrastructure spending and the company’s expanding contract backlog continue to support the longer-term bullish case. But strong fundamentals do not prevent corrections. Amazon is investing aggressively to expand AI and cloud capacity, and the market is still debating how quickly those investments will translate into free cash flow. At the same time, elevated Treasury yields continue to create pressure on long-duration technology valuations. Bearish Scenario As long as AMZN remains below the $280–$286 supply zone, I see room for the correction to continue. A sustained move below the current $255–$260 structure would strengthen the bearish case and put $235 back in focus. That would represent a retest of major demand rather than a breakdown of Amazon’s broader long-term story. Bullish Scenario The bearish setup weakens if buyers regain momentum and reclaim the $280–$286 area. A clean breakout and acceptance above major supply would invalidate the rejection structure and shift attention back toward higher prices. For now, the chart is sending a different message than the fundamentals: Strong business. Weak short-term price structure. That is often where the most interesting setups appear. Does Amazon retest major demand near $230, or do buyers step in before the correction gets that deep?