Amazon Breaks Double Top, Falls to $247.71 Testing Support

Amazon (AMZN.OQ) has broken down from a bearish double-top formation, closing at $247.71 on June 3 after completing a 38.2% Fibonacci retracement. The move follows the prior day's bullish Elliott Wave analysis that targeted $280-300 on a wave-five advance, with support cited at $256-240. Weak price action and failure to hold above the 50-day moving average now signal short-term trend weakness, although the longer-term uptrend remains intact after the May record high of $278.56. Key resistance clusters at $255-258 and the 20-day MA near $266.49; a sustained break lower risks extension toward the 200-day MA and $229.60.