Jim Simons: we should try to trade patterns that happen on a non-random basis..!
Now with higher confidence, we can say Wall Street bets are predictable..!
NYSE:AMC with a 22 billion market cap gained more than 20% in a single day! Today's price*volume: 9.9billion second to BABA and 10% above Tesla..! Why this is important? because the last time this phenomenon happened it was the start of a Gamma squeeze..! I will not surprise to see it ranked first tomorrow!
To learn more about it please read my previous post:
August 23-24, 2021: Max Pain or Short squeeze?
Is there hidden rationality beyond irrationality?
Short Squeeze or Gamma Squeeze that is the question?
August 20, 2021: This is called WSB effect..!
In the past few days, I published posts about Wall Street Bets and how they conquered the market! They are not just a group of "Apes" unlike what many think, there is a master puppeteer and a core behind this phenomenon who know market mechanics top to down, the power of social media, data analysis.
The master puppeteer has learned to survive in life and career with a false identity many years ago from his grandmaster..!
To wrap it up, do not take an opposite position this could last for a while..! Today was the largest gain and trading volume since last "Quadruple Witching" June 18, 2021..!
Comment
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AMC: price volume rank 1 in the market, it must go up without hesitation! I follow the money flow..!
Add in Blink Charging because it is definitely following the same trading algorithms as well
pechi123
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AMC; Trade setup was 8/5 @ 28.91 low (3rd trading day of month) when it filled a gap left from 6/1 @ 28.53 low (1st trading day of month). This is a combo setup: 1) Closing the gap trade setup 2) Important lows/highs made within first 3 trading days of month (and mid month).
pechi123
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The analysis was for GME not AMC.
pechi123
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So far there is 5 waves up and potentially completed at 227 but today's high could be a B wave of a developing A-B-C correction which implies another move down to test above 193 if C=A, if C=1.618 x A then @ 175.22. Should there be another slight instant high that comes below the low from 227 then B was being completed. Reviewing the action from 344.66 June 8th high, there was a ZigZag that completed at 211, then a bearish contracting triangle developed wherein A=241.13, B=206.13, C=238.01, D=208, E=233.66, a terminal thrust down with 5 waves, wave 3 ended at 145.22 (within bullish engulfing 3/25), but wave 5 of 5 failed to take out that low and truncated @ 150.78, this rarely happens but is a result of underlying demand. Thrusts from triangles are terminal and eventually return to base usually wave A @ 241.13, but here you have a complex correction with a ZigZag above with wave B @ 248.75 that is just above both the 3/10 and 6/8 highs, and above A of the triangle 241.13, this area is important resistance. Since the thrust from triangle terminated and yesterday there is a large bullish engulfing bar, the low of this bar should not be violated unless there is a momentary shaved bottom that often happens on an instant low within the first 5 minutes of trading as a run on stop loss orders, there was a volume spike yesterday and today so that potential exist.
Mihai_Iacob
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Very good!
Gus-On
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PUTS will print tomorrow!
bigtimerDC
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@Gus-On, why do you believe the momentum will die after this afternoon? i don’t not have opinion either way just curious. thx
Gus-On
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@bigtimerDC, History repeats itself. I looked back at every time it ran up, it would pullback the day after. Ofcourse I will be watching the volume and vwap before I get PUTS along with support and resistance lines.
bigtimerDC
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@Gus-On, which history? maybe using different criteria but he has the daily chart up and i can see several recent cases where a green bar follows green bar.
Gus-On
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@bigtimerDC, Try the 4 Hr time frame and check the run ups and how long they last.