Okay, this is the third chart to go with this series.
Here we have a short term accumulation within the bigger reaccumulation (AMC -- Reaccumulation After Decline, linked below).
I think -- and again, I'm not here to be predictive, I simply see these as signposts on a trail in a bigger cycle that's repeating -- we will cross the creek in the coming day or three. Once that happens, I expect we'd move toward the descending highs trend line to make our final touch (the Yellow Circle in AMC Cycle Theory Timing -- UPDATED, linked below). This move playing out as described here would conform for me we are where I believe we are in the cycle. Of course, cycle timing is impossible to nail down because the algo driving that thing isn't just looking at price over time... it's a far more complicated formula with more variables than we can imagine.
In the near term, I'm looking for us to retrace toward the top yellow zone (formerly resistance) and find support. From there, we should take another stab at crossing the creek. Once across, I want to see a strong move toward the $48 level.
There, we find ourselves at a critical decision point. Are we repeating the move from mid-May (which I sense as the common assumption) or are we, as I suspect, closer to the end of April?
Only time will tell.
Here we have a short term accumulation within the bigger reaccumulation (AMC -- Reaccumulation After Decline, linked below).
I think -- and again, I'm not here to be predictive, I simply see these as signposts on a trail in a bigger cycle that's repeating -- we will cross the creek in the coming day or three. Once that happens, I expect we'd move toward the descending highs trend line to make our final touch (the Yellow Circle in AMC Cycle Theory Timing -- UPDATED, linked below). This move playing out as described here would conform for me we are where I believe we are in the cycle. Of course, cycle timing is impossible to nail down because the algo driving that thing isn't just looking at price over time... it's a far more complicated formula with more variables than we can imagine.
In the near term, I'm looking for us to retrace toward the top yellow zone (formerly resistance) and find support. From there, we should take another stab at crossing the creek. Once across, I want to see a strong move toward the $48 level.
There, we find ourselves at a critical decision point. Are we repeating the move from mid-May (which I sense as the common assumption) or are we, as I suspect, closer to the end of April?
Only time will tell.
Trade active:
I shouldn't have to say this, but that yellow line was just to show a hypothetical ping pong effect underneath the resistance arc in blue. Now that we've crossed it, that doesn't mean hyperbolic moves immediately. I see this move as a sign that Phase D of this accumulation is nearing completion.
