AMZN (H1): Bearish Continuation Scenario in Focus

On the 1-hour timeframe, AMZN appears to be transitioning from a corrective recovery phase into a renewed impulsive decline. The structure suggests that the recent advance may have completed a Wave 2 (or wave b in an alternative count), with price now rolling over into a potential Wave 3 or wave c sequence.

The rejection near the 0.786 retracement level (around 248.88) adds weight to the bearish interpretation. That level acted as a technical ceiling, reinforcing the idea that the prior bounce was corrective rather than the start of a sustained bullish reversal.

Several unfilled gaps remain overhead, but unless price reclaims the upper imbalance zone decisively, these gaps are more likely to serve as resistance rather than magnets in the immediate term. The true invalidation of the bearish count sits at where wave (1) is located. A sustained move through that region would force a reassessment of the wave structure.

If the current interpretation holds, the next downside objective aligns with the lower imbalance zone around the 176 area, which could complete a larger Wave C (or wave 3) leg. Momentum expansion typically follows consolidation breakdowns, and the current posture suggests downside pressure is building.

In summary, AMZN on the 1H chart is showing early signs of impulsive bearish continuation. Any short-term rebounds should be evaluated within the context of a broader corrective-to-impulsive transition unless key resistance levels are reclaimed.