Log Daily chart of AMC posted.
I have used a Line chart of closing prices to more clearly show us the different waves.
We are now completing the final wave E of a massive Triangle from early June.
A triangle per elliotwave rules comprises of 5 subwaves - a, b, c, d and e.
The pattern is identical to what saw in May to early June but more compact (on a Log chart) and more extended which means a breakout should be powerful.
Ideal entry is to wait for a breakout of the top trendline but we should be days away from that if this analysis is accurate.
If we break below the bottom trendline on significant volume then the above is invalidated and time to get out.
I will play this with Dec 17, 2021 $100 Call Options.
The green extension shown is a Bar Pattern copy of the rally coming out of the last triangle formation we had back in May to early June 2021.
I do not expect the top target here to be reached as shown above - it is merely for illustrative purposes. I do however expect us to go above $100 by Dec 17 if not earlier.
Good luck!
I have used a Line chart of closing prices to more clearly show us the different waves.
We are now completing the final wave E of a massive Triangle from early June.
A triangle per elliotwave rules comprises of 5 subwaves - a, b, c, d and e.
The pattern is identical to what saw in May to early June but more compact (on a Log chart) and more extended which means a breakout should be powerful.
Ideal entry is to wait for a breakout of the top trendline but we should be days away from that if this analysis is accurate.
If we break below the bottom trendline on significant volume then the above is invalidated and time to get out.
I will play this with Dec 17, 2021 $100 Call Options.
The green extension shown is a Bar Pattern copy of the rally coming out of the last triangle formation we had back in May to early June 2021.
I do not expect the top target here to be reached as shown above - it is merely for illustrative purposes. I do however expect us to go above $100 by Dec 17 if not earlier.
Good luck!