To be clear, I am in a SHORT term bullish mindset. Although my belief is that we should go back down to somewhere around $16-$17 before hitting an apx $40 range target. Now... This could be anywhere from $35-$52 to be clear.
But one thing is for certain... It is meant to liquidate heavily shorted positions, or scare them out of their positions. Also meant to attract bulls by making it appear as a strong move to the upside, breaking above the long term descending channel from ATH (for the 3rd time in a row may I add), and attracting bulls by creating the illusion of a possible parabolic move ABOVE the still forming ascending channel in the short term.
I think this is a perfect set up for a market driven scenario for maximum losses to those entering the market, or thinking they are safe in short positions and not knowing that their wallets will just get tested here or liquidated on the sharp move up.
We are definitely in what appears to be a mature distribution range, and by the looks of it, another one is setting up as well. We will have confirmation of BOTH patterns if/when AMC drops below $7.
I believe it is a high likelihood we could see sub $3 prices before making new ATHs again later on. Thus for the next few months, I will be straddling a bearish position waiting for price objective before entering a MASSIVE long position to catch the correction back up.
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QUICK FORECAST UPDATE. I NOW BELIEVE THAT THE SECONDARY TEST PHASE WE ARE IN WILL RETRACE HIGHER THAN ORIGINALLY EXPECTED.
I BELIEVE WE WILL BE LOOKING AT A PRICE SOMEWHERE BETWEEN $65 AND ATH. WE "SHOULD" IN THEORY NOT MAKE A NEW ATH JUST YET.
ADJUSTED THE REST OF THE CHART A LITTLE BIT MORE ACCORDINGLY