AMC, Major Update as promised on 4th Aug 2021 !
(( Stopped out. Wave counting need a major update ! )) 4th Aug 2021
(( General trend is still down. There will be a considerable Up going counter trend correction . Then we will have another large down going wave. I will publish the update at appropriate time. )) 4th Aug 2021.
Above are my last two updates on the idea published on 15th July 2021. We found a possible long setup (See related idea for detail), entered and stopped out and predicted the upcoming path accurately! We promised to publish our update in appropriate time and now its the time !
Weekly chart :
AMC's decline from ATH to current price can be beautifully charted inside a down going parallel channel in logarithmic scale. Decline shows an ABC form of correction which is almost completed while stock is reaching to strong support formed by the area of price action and different Fibonacci levels of different types. This area has been shown by a green box on the left side chart. Also ,Indicators in weekly and daily time frame are in oversold zone.
Daily chart:
We have a closer look to correction pattern shown on the weekly. Wave (a) can be decomposed to abcde components to form a leading diagonal. Wave (c) can be beautifully decomposed to 5 leg impulse down with wave iii and v to be 5 legs down themselves. As shown on the chart stock is completing its wave 5 in circle of v of (c) near the strong support.
Please note this is the best case scenario as emphasized on the weekly chart. It means there may be some alternative scenarios like this whole abc pattern being just wave A of and ABCDE triangle or next move up being just a connecting wave X or....( For different correcting forms possibilities see related idea published on TSLA if you are interested to get more details).
If this proposed best case scenario happens , It makes a new ATH and we can take the advantage of next considerable move up.
Good luck my friend.
(( General trend is still down. There will be a considerable Up going counter trend correction . Then we will have another large down going wave. I will publish the update at appropriate time. )) 4th Aug 2021.
Above are my last two updates on the idea published on 15th July 2021. We found a possible long setup (See related idea for detail), entered and stopped out and predicted the upcoming path accurately! We promised to publish our update in appropriate time and now its the time !
Weekly chart :
AMC's decline from ATH to current price can be beautifully charted inside a down going parallel channel in logarithmic scale. Decline shows an ABC form of correction which is almost completed while stock is reaching to strong support formed by the area of price action and different Fibonacci levels of different types. This area has been shown by a green box on the left side chart. Also ,Indicators in weekly and daily time frame are in oversold zone.
Daily chart:
We have a closer look to correction pattern shown on the weekly. Wave (a) can be decomposed to abcde components to form a leading diagonal. Wave (c) can be beautifully decomposed to 5 leg impulse down with wave iii and v to be 5 legs down themselves. As shown on the chart stock is completing its wave 5 in circle of v of (c) near the strong support.
Please note this is the best case scenario as emphasized on the weekly chart. It means there may be some alternative scenarios like this whole abc pattern being just wave A of and ABCDE triangle or next move up being just a connecting wave X or....( For different correcting forms possibilities see related idea published on TSLA if you are interested to get more details).
If this proposed best case scenario happens , It makes a new ATH and we can take the advantage of next considerable move up.
Good luck my friend.
Congrats my friends.