Don't like memes, a big play on AMC

NYSE:AMC   AMC Entertainment Holdings, Inc
AMC made a huge run up to 70s but now needs to correct the leg that pushed it up. It is currently working on a descending triangle formation that will eventually lead to a proper fibonacci retracement near the low 30s which will most likely fill that gap up before running back up again. There is a huge possibility this can hit not suprisingly (meme) to 100 if it fills that gap. I would go short in near term but long when it comes down to my tgt near low 30s.


Sorry, but pretty doubtful you will get 30s again. Learn to read the chart, your forecast is way off.
+5 Reply
I agree that a triangle may be forming but a bullish contracting not bearish contracting as shown above. Therefore I change the labels with B & D where your A & C are, A at the bottom of your bar (A) and C where you have (B), then E down in process above the C low, thereafter a thrust up to new highs rather than yours' down. GME was a bearish contracting triangle with E @ 233.66 now thrusting down in a 5th wave.
Without a very good price there will not have the required volume to break. This is basic, the resistance and lower support meets, good price brings buyers, which brings big volume, then break. That, I can agree.