NYSE:AMG Has formed a bullish impulse with a healthy correction and a lower degree impulse with a lower degree correction that is breaking out of the larger degree trend line!
This is great confirmation of a trend continuation setup.
Large megaphone structure
Price is positioned at the lower area of the megaphone which suggests that a move upwards may be in order
This bullish assumption is emphasised by the double bottom in white
ABC/ABC
ABC/DE
A 7.8M
B 6.7M
C (A) 11M
D (B) 3.1M
E (C) 8.2M
31thDec 1.8M... Target Hit the 191!
Elliott Wave Theory, or ABC wave theory, is a term for three-wave counter trend price movement. Here, wave A is the first price wave that is against the trend of the entire market. B wave is a corrective wave for wave A. Wave C shows the final price move to...
From a technical perspective the chart is looking like a possible reversal is on the way, after suffering a 50% downside drop, it would come as a welcome relief for investors. The recent insider buying may be the catalysts for such a move as the put their money on the line and see value at the current price level.
AVERAGE ANALYSTS PRICE TARGET $112
AVERAGE...
Affiliated Managers Group has hopefully completed a 4 year long correction, It has not been rewarding to its long term holders but there is signs of life once again. Buy volume and technical indicator point towards further gains and this stock could easily double.
After setting a new monthly high close of $200.43 on December 8th (note the negative divergence on the 10-day RSI), AMG put in four lower closes, setting up a potential "4x4 Retracement" signal on Friday, December 15th. AMG did not disappoint, closing up 2.3% on 2x average volume on Friday - signalling a trade entry for Monday.
Watch the two green Lines on the RSI! If it breaks that top green line=====> BUY BUY BUY imo.
Please provide thoughts and feed back if you have any! Thanks guys!
-Quick note: anyone have any thoughts on my trend lines for the chart itself????
Wait for price action to break the green resistance line before entry. Rsi needs to break above ~61.9, look at the red line on the RSI.
Consolidation around the area it is at right now seems to be around a Fibonacci level if we look at the last major run. Sorry I do not know how to draw Fib retracements on chart otherwise I would.
Would like to see...
