TradingView
Eloquent
Sep 22, 2021 11:44 PM

$amrs long setup Long

Description

posting this as per a special request.

-------

took a peak at AMRS this evening, and i noticed something extremely bullish forming.

from the march low of 2020, we saw wave's 1-2-3 play out perfectly; hitting the corresponding algo targets wonderfully.

AMRS has been in a pretty nice area of consolidation up here working on completing wave 4 ever since the local peak of $23.

wave 4's generally take the longest time to play out, and usually appear very choppy by nature.

upon taking a closer look, i noticed a textbook ewt pattern playing out - an abcde.

these generally appear in wave 4's, and wave 5 almost always launches once the correction is completed.

triple bullish divergence on the 4h timeframe, and i have reason to believe that wave E of wave 4 is finally in.

Strict stop loss at $12.
Wave 5 target = $42

Comment

i'll do an update on this tomorrow.
Comments
Mihai_Iacob
Nice triangle there
Thanks for the heards up
Eloquent
SenseOffense
@Eloquent,

You still in this with us? I thought you mentioned you were taking this trade but I cant seem to locate where you said it. Any adjustments to your analysis since last update? Seems on track and could be a few PRs coming out soon as Ingredion and Minerva Foods both have ER next week and might provide some updates on their partnerships. Thanks for the time you have put in.
HHSPN
Was that wave iv ?
Eloquent
@HHSPN, doesn't look so hot anymore. invalidated my whole idea. what happened to amrs, did they flop earning or something?
HHSPN
@Eloquent, bad earning due to supply chain logistics and 400Mil convertible notes. Market markers I think would like to buy the note at the cheapest possible and shaking the tree I think. My guess is next 2 Q will be rough too as they have a new huge production plant coming online, construction too is disrupted with material availability. I'm expecting a visit to 4-5$. I plan to accumulate there.
Eloquent
@HHSPN, ouch. this is why i prefer crypto; no earnings to break a beautiful structure.

i have a few ideas for amrs, will share tomorrow
dcrolltide
Great charting here. Appreciate your time and expertise
Eloquent
@dcrolltide, Thank you ~
Leakchecked
Thank you! Beautiful charting.
More