This chart is going to go with the next one I post. To understand my thinking here, you'll need to see a more macro view of AMC's chart.
This is an accumulation within the phase C "spring" of the spring phase of the June to Present re-accumulation. It's The Inception of Springs. For the last three days after what many (including myself) believed to be a terminal shakeout, the deep plunge did not create the kind of upward thrust we needed to break out of this trading range. From where we sit, I see three possible paths:
1. (in pink) we finally respect support and begin to climb out of this trading range toward the accumulation
2. (in purple) we breakdown back into the trading range, but follow Wyckoff accumulation schematic 2 and LPS above the low set by the sell test in phase B
3. (in yellow) we form a deeper spring beneath this micro trading range
If I had to guess, I would say that all signs point to yellow, for me. The next chart will help clarify my rationale -- and I don't believe this move will be long-lasting -- but, now that we're here, we have an opportunity to fill the gap at $16.95, and I think it's in our best interest to take that opportunity. Doing this will not only fill the gap, it will bring us into the golden pocket of the stock's all time trading range, from January's low to June's ATH. The two dotted green lines represent the golden pocket of that fib (which will be more clearly seen in the next chart.
I remain incredibly bullish in the long-term on AMC, but admit that there are a couple of important boxes to tick, since we've broken so far below the re-accumulation's trading range.
This is one of those instances in which I'm simply trying to illustrate what I see -- right or wrong, I'm an AMC long who will be hodl-ing with you all through whatever comes our way.
This is an accumulation within the phase C "spring" of the spring phase of the June to Present re-accumulation. It's The Inception of Springs. For the last three days after what many (including myself) believed to be a terminal shakeout, the deep plunge did not create the kind of upward thrust we needed to break out of this trading range. From where we sit, I see three possible paths:
1. (in pink) we finally respect support and begin to climb out of this trading range toward the accumulation
2. (in purple) we breakdown back into the trading range, but follow Wyckoff accumulation schematic 2 and LPS above the low set by the sell test in phase B
3. (in yellow) we form a deeper spring beneath this micro trading range
If I had to guess, I would say that all signs point to yellow, for me. The next chart will help clarify my rationale -- and I don't believe this move will be long-lasting -- but, now that we're here, we have an opportunity to fill the gap at $16.95, and I think it's in our best interest to take that opportunity. Doing this will not only fill the gap, it will bring us into the golden pocket of the stock's all time trading range, from January's low to June's ATH. The two dotted green lines represent the golden pocket of that fib (which will be more clearly seen in the next chart.
I remain incredibly bullish in the long-term on AMC, but admit that there are a couple of important boxes to tick, since we've broken so far below the re-accumulation's trading range.
This is one of those instances in which I'm simply trying to illustrate what I see -- right or wrong, I'm an AMC long who will be hodl-ing with you all through whatever comes our way.
