AMC is attempting to breakout of a Symmetrical Triangle, with the relative strength index trending down overall.
Taking a copied Bars Pattern that has similar R.S.I Patterns leading to the downtrend currently.
For example: January 27th, 2021 to June 02, 2021 (the breakout) and adjusting the pattern, several scenarios will provide options.
This pattern is also the one leading to the upward breakout to the symmetrical triangle.
The red-bars are a very unlikely scenario, since it would mean a breakout to the downside (still a possibility though). However, it would mean a breakout to the upside next year (also unlikely to follow exact).
Price is more likely to follow the black-bars, with a small chance of a downside breakout (orange bars).
The deadline (green box) for either breakout would be October 28th, 2021 (Friday). Unlikely to extend out till Mid November, but there's still a possibility of price trading within the green box, so a breakout could occur Monday-November 1st 2021.
The likely scenario is for the relative strength index to bottom out at 30% (allowing a breakout to the upside). Expect the R.S.I to rise up with the
purple parallel lines, similar to previous patterns in the purple parallel lines. Additionally, there is a small gap (almost touch) on the purple lines leading to the breakout on the previous patterns.
Possible selling point Mid November, with a small window to buy back in sometime in December (depending on pricing patterns at that time).
Taking a copied Bars Pattern that has similar R.S.I Patterns leading to the downtrend currently.
For example: January 27th, 2021 to June 02, 2021 (the breakout) and adjusting the pattern, several scenarios will provide options.
This pattern is also the one leading to the upward breakout to the symmetrical triangle.
The red-bars are a very unlikely scenario, since it would mean a breakout to the downside (still a possibility though). However, it would mean a breakout to the upside next year (also unlikely to follow exact).
Price is more likely to follow the black-bars, with a small chance of a downside breakout (orange bars).
The deadline (green box) for either breakout would be October 28th, 2021 (Friday). Unlikely to extend out till Mid November, but there's still a possibility of price trading within the green box, so a breakout could occur Monday-November 1st 2021.
The likely scenario is for the relative strength index to bottom out at 30% (allowing a breakout to the upside). Expect the R.S.I to rise up with the
purple parallel lines, similar to previous patterns in the purple parallel lines. Additionally, there is a small gap (almost touch) on the purple lines leading to the breakout on the previous patterns.
Possible selling point Mid November, with a small window to buy back in sometime in December (depending on pricing patterns at that time).