You said that you see an inclining triangle but how about a parallel uptrend. If 1/9/98 see the low around 53 and bounce back intraday to close above that would establish an uptrend, bullish channel. What do you think?
Your observation is compelling. It is my intuition, however, that the recent $60 peak on Dec 31, '97 is the right shoulder position of the head and shoulder formation (head being AMZN all time high of about $65 at the end of October. Also you'll notice more volume on the down curves than up during the recent channel formation.... Today and perhaps tomorrow would give us a better idea on the development of the future AMZN graph. And guess what? S&P futures down more than 7 points at 6:30 am central. Every index in the world down anywhere from 1/2 to 5% today. DOW dropped 100 pts yesterday but NASDAQ held up pretty well...I think it will be a nasty day in NASDAQ today. I see a losing day for AMZN.