FX.co ★ Elliott wave analysis of Amazon for October 5, 2022

Amazon peaked at 188.65 in mid-July 2021 and since then, has been correcting lower and we could possibly see it at an S/H/S top. If support at 101 is broken that would activate the S/H/S top for at least 68 and possibly even lower to the 35-area.

That said, we should expect Amazon to be able to push higher to 125 short-term before coming under renewed downside pressure.