I'll say it straight up guys, I was somewhat wrong on my previous AMC analysis.
I will say that the drop to $20, is STILL in the works. However, at this point and time, for now a Wyckoff Accumulation pattern seems to be in action.
Don't get me wrong, you STILL do not want to trade AMC because a safe trade on AMC does NOT exist until we are completely done with the consolidation inside the white trading range and push past ATH. Not only that, but generally it takes a while into consolidation to pick up the correct points on the Wyckoff charts (my experience). So this is mostly a kind of a "bet" on what I'm seeing unfold. We don't have solid points to go off yet.
Typically, this next push up into UT will tell the institutions if there are going to be buyers. How you will recognize this is by volume. If price shoots up to Upthrust on high volume, Wyckoff accumulation is a dead giveaway.
What happens next is that the institutions floor the price back down, load up at a cheaper price (SOW and Spring) and push the price back up and out of the range with retail's help (SOS - Sign of Strength).
Hope this helps a bit...
I will say that the drop to $20, is STILL in the works. However, at this point and time, for now a Wyckoff Accumulation pattern seems to be in action.
Don't get me wrong, you STILL do not want to trade AMC because a safe trade on AMC does NOT exist until we are completely done with the consolidation inside the white trading range and push past ATH. Not only that, but generally it takes a while into consolidation to pick up the correct points on the Wyckoff charts (my experience). So this is mostly a kind of a "bet" on what I'm seeing unfold. We don't have solid points to go off yet.
Typically, this next push up into UT will tell the institutions if there are going to be buyers. How you will recognize this is by volume. If price shoots up to Upthrust on high volume, Wyckoff accumulation is a dead giveaway.
What happens next is that the institutions floor the price back down, load up at a cheaper price (SOW and Spring) and push the price back up and out of the range with retail's help (SOS - Sign of Strength).
Hope this helps a bit...
Comment:
A quick note about upthrusts in accumulation:
Comment:
This is a chart from another asset. As you can see, Upthrusts are not always where you think of them, this is why they are hard to trade... TYPICALLY we see an upthrust out of range, but that is not always the case:
