Chart posted 6-16-21 approx 9:40am CT
Im back- took a vacation to Vegas. Getting back to business. Just noticing some price action on AMC. AMC has shown some classic bearish price action creating already 2 bearish sharks. The fortunate part is the first pattern played out well on buyer volatility and really did not reveal the bearish action. Now, it appears we have a longer more defined pattern forming and price action is appearing to get weaker. If price goes below 53.00 I think we will begin to see buyer confidence weaken. If we go over 63 then buyer confidence will have re-established for short term.
I do not think price goes over 58 at most. We shall see, but I think this is the beginning of sell off. Coul dbe slow vs violent- but note the downward channel as a guide. It reminds me of the TESLA chart I made back in March (attached below) which has played out nicely on bearish action. Compare the 2 charts and see what it means for you. CHEERS!
Im back- took a vacation to Vegas. Getting back to business. Just noticing some price action on AMC. AMC has shown some classic bearish price action creating already 2 bearish sharks. The fortunate part is the first pattern played out well on buyer volatility and really did not reveal the bearish action. Now, it appears we have a longer more defined pattern forming and price action is appearing to get weaker. If price goes below 53.00 I think we will begin to see buyer confidence weaken. If we go over 63 then buyer confidence will have re-established for short term.
I do not think price goes over 58 at most. We shall see, but I think this is the beginning of sell off. Coul dbe slow vs violent- but note the downward channel as a guide. It reminds me of the TESLA chart I made back in March (attached below) which has played out nicely on bearish action. Compare the 2 charts and see what it means for you. CHEERS!
Comment:
AMC struggling in the channels listed, but if price goes over 54- Get in quickly for a possible fast trade. Price may trade up near 72-73 before exhausting. But has to get over 64 to do so.
Comment:
I did it again- good EARLY call of AMC to the downside.
Comment:
AMC just hanging out here- still hasnt gone over 64.00.. and as long as it hovers below- it will keep getting weaker and weaker and this coul dbe a spooky drop in the end. Be cautious.
Comment:
Looks like the downswing has begun.
Comment:
Downside Target 32.88
Comment:
Target reached opening bell 7-15-2021 32.88
Moorsc0de aka Crypt0nomics aka Zaphkiel
