Long-Term Trend Remains Constructive
Amazon continues to produce a sequence of higher highs and higher lows, keeping the long-term secular bull market firmly intact. The latest move to a fresh all-time high at $287.20 reinforces the strength of the broader trend.

History Favours Patience
While price action remains bullish, previous advances have typically been followed by pullbacks of at least the 0.618 Fibonacci retracement before the longer-term uptrend resumed. The latest rally has once again reached that stage where history suggests caution may be warranted.

Momentum Is Beginning to Slow
Bearish RSI divergence has developed into the recent highs, indicating that momentum is not keeping pace with price. Although this does not signal an immediate reversal, it does increase the probability of a period of consolidation or a deeper pullback.

Key Support to Watch
Should another correction develop, the $225.55-$227.54 region represents an important confluence of support, combining the previous key swing low with the 0.618 Fibonacci retracement. A successful defence of this area would strengthen the longer-term bullish outlook.

In Summary
Amazon remains one of the strongest long-term charts, with the broader trend continuing to favour the bulls. However, previous rallies have consistently been followed by meaningful pullbacks before the next advance began, and momentum is once again beginning to soften. Rather than chasing fresh highs, waiting for a healthier retracement towards key support may offer a more favourable risk-to-reward opportunity while keeping the longer-term bullish outlook unchanged.