AMC is ready to move!
AMC has been playing out the exact same Wyckoff distribution pattern that occurred in January before running up 10x. AMC has held the 0.618 Fib support line after seeing another Wyckoff spring occur. Based on the fractals I'd say at least a few more days of pain before seeing a reversal. Considering the short % of free float is roughly the same as it was in January and arguably higher considering the amount of FTD's suspected to be hiding in Citadel's Jan 2022 put options. I'd expect a run towards the $250-300 range. If you draw a trend line across the top of each runup on a log scale, the resistance will be at this range. Probably see another 60% retracement to the downside of about $140 before repeating the same process as long as buyers keep up the pressure or short sellers finally learn their lesson.
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