Chart posted 7-6-2021 approx 9:32am ET. The AMC was previously playing out bearish sentiments(3 falling peaks confirmed) , but there has been some conflicts in pattern development that suggest we may get some upside on this to fake it back to upside.. some poss. significant upside. The key here will be to watch the price action. The support line is shown. If it break below that then we are bearish in the short term and the original chart plays out. However right now we do have a bullish pattern forming and if it supports it definitely goes hard to the upside- but price action is key at this stage. Any price below the decision support lines is bearish 48-45 is bearish (see original chart linked below for target ). If we remain above the decision levels or bounce off them- there could be opportunity for some gains- even if the bullish move doesnt play out. These patterns are aggressive. If bullish pattern plays out expect price level so rise to target area. There may also be additional patterns to form between now and the time we can confirm the movement. The key on this are the support decision levels- watching the price action. Also, does price stay out of the diagonal parallel pattern. So far it has. This, bounces off support, and hard moves upside are keys to bullish pattern.. weak moves are signs of the bearish shark playing out. The bounce of the #1 decision line appears to be weak so far, but lets see if we get additional tests.
Note
HGood price action today. We have dropped to the 2nd decision point. This will let us know what will happen for the next week or so. If we consolidate at or above this point we may be going higher up. If we break decidedly lower.. Then the original bearish shark will be in play.Note
AMC failed to bounce or hold either of the decision supports.. .today it opened up below and has traveled into the downward diagonal parallel channel- Not good for a LONG.Note
See linked chart for downtrend target - original call.Note
Very nice bounce to the #2 decision support.. can it hold though?Note
Dont give up on AMC just yet...Note
Post market shows AMC to 37.00- so looks like the short call played out nicely. This long never had a chance.Note
Target will be reached at 32.88
Moorsc0de aka Crypt0nomics aka Zaphkiel
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Moorsc0de aka Crypt0nomics aka Zaphkiel
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.