3 weeks have pass since October. I was wrong about the bullish hammer. I expect to go up today but it went down. One pattern I hesitate and over look was the head and shoulder pattern. The price action today confirms the head and shoulder patterns. Interestingly back in September the same thing has occur. And now what to expect October. Will the algorithm repeats? If so, I expect AMC to dip even further to $32 based on the fib retrace of $28.92 and $44.44. If not I expect $36 is the bottom and we are not looking back. The falling wedge will be determine by next week price action.
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For those that can't see the Fibonacci price target of .786
Confirmed $28.92-$52.78 = .786 = $33.75
Hypothetical Scenario Path A/ Is it Confirmed Yet? $33.75-$44.44 = .786 = $36.01
The $33.75 is VERY reasonable. Price action at $33.59-80 was established on 08/03 (59) & 08/19 (80) and is the A-point of the current corrective wave.
I agree and expect it to bounce there. This would be the natural end of the ABC corrective pattern begun at the 09/13 peak (A = 09/30, $33.75; B = 10/19, $44.44)
A $33.75 bounce would be consistent with the ending correction and sets-up the next pattern.
@alireza1357, Either it bounces up and never look back or it repeats the pattern of September. Next week will determine the price action and the pattern. As for $33 target it will bounce up but will trap bulls and smack down. And then trap bears at $33 again. I just didn't bother to add that detail.