Amazon Ascending Triangle Launches New All-Time Highs!

A beautiful ascending triangle breakout has Amazon flying to new all-time highs. The volume profile looks excellent, with gradually declining activity punctuated by an increase over the last two weeks as price has been breaking out.
As always, we like to see a strong trend prior to the development of the pattern. This ensures there is a trend to reverse, or in this case, continue.
Normally we want to see a breakaway gap that breaks the pattern iceline. In this instance it was earnings that gapped price, which makes it perfectly acceptable in my estimation. It seems unlikely that the gap will be closed any time soon.

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