AMZN has staged a technical recovery from ~$228 to ~$238 but remains in a dominant downtrend (-11.9% over 1 month) with the AI stock valuation unwind accelerating as a macro theme. The current bounce into the $236-$242 resistance zone — previously identified as a failed recovery level — offers an opportunistic short entry, as the stock has repeatedly failed to sustain rallies and broader AI-linked equity rotation continues to pressure mega-cap tech multiples. With regulatory headwinds emerging (Australian lawsuit), AI capex skepticism mounting, and the broader AI valuation unwind theme intact, the path of least resistance remains lower.