AMC to jump 1700% with move to $90 in 2024?There is evidence for such a move. On the above 5 day chart price action has corrected 99% (August 2023 share split accounted for). A number of reasons now exist to consider a long position, including:
1) Price action and RSI resistance breakouts. This breakout occurs after 1071 days of resistance.
2) Market participants are opening up long positions on every test of the golden ratio. See daily chart below. You have to look left until early 2021 to see a repeat of this behaviour.
3) The falling wedge is used to forecast a target area. Oddly enough that target area is matched by the top of the downtrend channel.
Is it possible price action continues the downtrend? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <=3%
Timeframe for long: sooner than late
Return: 1500% at least
Golden ratio test (green line)