Fisbin

Overall Upward Trend Channel Found + Bullish Pennant Breakout

Long
NYSE:AMC   AMC Entertainment Holdings, Inc
We broke out of the TA'ed Bullish Pennant with an upward test toward $60.

Found an overall trend channel worth observing through the swings.

Comments

Agree! dont worry lopl/ Options action shows 87.5 is guaranteed and around the swing high (I have it at about 84.11) and the new high would be 137.5 (I have $138) Half the Open In on the lowest strike of $40 is gone and double as much Open int at 140 while 90 has P/C ratio of 2800 (normally bad for bullish markets - this is not that - YET - still vanilla options) is higher than th eP/C ratio at 40 now. What does this all say? the days of 40 are over this week- and to the moon for next weeek!
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Fisbin TheBadMrFox
@TheBadMrFox, Nice to see similar predictions. On my previous chart where I mapped out the Bullish Pennant I updated to predict a test up to $90. Too much Call Options volume to not Delta Hedge. If we get enough volatility here with Quadruple Witching and enough FOMO, we might get up to that push for ITM @ $145.
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Fisbin TheBadMrFox
@TheBadMrFox, 100%. I need to write these out more thoroughly, just wanted to push that overall channel pattern out for comment. $90 and $145 are very bullish but require contingencies to achieve.
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@Fisbin, I provided the information why - why was the commment removed... of course the patterns matter. Those are just additional indications. Not in any way anything but support of your idea
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@Fisbin, interested to hear what you think the contigencies are though? The SPX? R.IP. $3821 is bread lines by decemeber if not war first - and guaranteed most peoples generational 401ks gone by August. Even UVXY reverssing long term lol. The contingenciy IS reaking that channel line and to wave 4 (after the double zig zag Trangle Wave - thats super duper common combination ) and of course keeping historical price divergence on the momentum... but considering there is barely ANY , how could it get lower than historically lol. My own analysis. But they had 21% float in the pocket last week still unused too.
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Fisbin TheBadMrFox
@TheBadMrFox, Again, I am very new here. The contingencies I am considering are more those unknown or uncontrollable variables. People piecing things together which appear correlated but no certainty about how deeply correlated, how much $ or volume and when certain things will come in to play, ie. covered shorts, naked shorts covering, reverse repo 6/24, margin call, etc.
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@Fisbin, what I have to say about the call open int and volume- is THATS what we want to see here. If this were a bullish market - totallyt, but this a bearish reversal.. .So the Vaniulla options you'd expect a swap of the P/C ratio since the selling is driving the prioce upwards first, then reinforced with the positive volume and calls
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Fisbin TheBadMrFox
@TheBadMrFox, I am new to most of this and have very limited practice, so I would defer to your TA based on what I see on your profile. Are you setting up for a Bearish Reversal from todays high to cool-off or significantly lower? I believe that is true that we will cool-off tomorrow, excluding variables for covered options and major tom-foolery. I can see us reversing to $47 tomorrow as the lowest low, excluding potential over-correction, based on the channel setup. Is this similar to what you are saying before the next drive upward?
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@Fisbin, No, I don't think there will be any cooling off- unless we did the exact same pattern 2 weeks in a row. I expect it to swing to high tomorrow at roughly 90.93 ($90 for safety) which is the .764 trend extension, and then quickly retrace down, intraday, to the 0.618 at 80.02, where we'd expect it to. That $90 is the last resistance line ,so intraday shold it will immediately keep the trend - as it shold- and pivot up through $106 - which it should as there is no resistance there -The 1 fib extension from the bottom or the 0 retracement from the top- and pivot up to the $125ish at thge 1.382 fib extension -where it should catch a bit of resistance, but not enough to make it drop lower than the 106.29.. The algo says thats what it will do as well. Then after that retracement , the fan should have green bars filling the rest of the way up to $138 at a 1.382 extension. Then there should be a small correction but the only other price points are $126 and $106 before it would find support at one of them - before continuing to the 1.618 extension over the whole wave at $154 in the next feew weeks after the week of Friiday June 25th - or by next Friday as expected. When we get up to the spot price around $138 we will see how the retracements will go! I'll keep you informed - but 100% expect seeing go up the rest of the week. Especially since half the Open Int on the 40 strike puts are HALF what they were on friday and grew almost NOTHING today- meaning the institutions - although a small percentage (about 27% ownership) they OBVIOSULY werent the positions they held. And if you look into next week you can see over 10k were even rolled down to $20 (stupid retail traders doubling down on an impossibly low position thinking "OH THIS CRAMER GUY ON CNN IS SPOT ON! Ill just double down on my infinte risk position because he's right . AMC is BANKRUPT! AS if that made any sor tof difference to teh equity on the stock price" " Lol ...Gen Z pukes
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