AMC

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ES_Surfer
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AMC

Post by ES_Surfer » Tue May 25, 2021 10:33 pm

Has anyone been following AMC? Today's action is phenomenal. Anyone care to take a stab at price targets? I know how to project forward on the ES but just targetting a day or a week and usually for price targets already reached in the past.

With AMC the price targets are outrageous.

Eagle
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Re: AMC

Post by Eagle » Wed May 26, 2021 8:01 pm

It's certainly finding some speed. Always check the previous daily highs of which AMC is now approaching. I would expect resistance at this level and a pullback. Then it will be a question of whether price will break through the high, if it does, just watch the lows of the pullbacks. In terms of a price target, you can always use fib retracements or extensions and measured moves work well.

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ForJL
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Re: AMC

Post by ForJL » Wed May 26, 2021 11:01 pm

Hi Surfer,


This is what I call a GREG chart. I wrote about in many years ago on the old BB and is something that can easily be done in W59. The only reason I didn't do it there is because I am busy rebuilding databases, among other things, and just found it easier to do this way. I wasn't sure what timeframe you were looking for and put this together rather quickly and without much forethought. In other words I can't vouch for results. Still it might offer you some utility. When I clear up everything in Wave I'll see if I can do something else for you. Time permitting of course.



Best,
Joe
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Eagle
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Re: AMC

Post by Eagle » Thu May 27, 2021 8:59 am

Clean chart Joe....fantastic. It's all there.

Watch for those pullbacks Surfer and a break of the previous high.

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ForJL
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Re: AMC

Post by ForJL » Thu May 27, 2021 4:04 pm

Thanks Eagle ... appreciate it.

A quick follow up shows the power of the technique. Now it's still early and much can happen but If I was looking to take some money off the table on this one the GREG chart would have given the perfect opportunity to do so.


Joe
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ES_Surfer
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Re: AMC

Post by ES_Surfer » Sun May 30, 2021 4:59 pm

ForJL, Eagle,

Thank you for your insightful posts. As luck (Providence I think) would have it, I had two exit trades, one on May 26 and the other on May 27. I'm still holding shares as a "runner". Technically I've made all of my original investment back and a profit, so I'm not concerned, even if we get back down to 12 or 13.

I will study these charts very carefully and do my best to find information. I'm very thankful that two wave59 "Silverbacks" have taken a moment to provide wisdom. I would love to see a deep dive session here, where we would be tasked with reviewing quite a few charts and pointing out key setups.

ES_Surfer
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Re: AMC

Post by ES_Surfer » Sun May 30, 2021 5:02 pm

To be clear, I was being humorous with the Silverback reference. The AMC army are called apes, and apes call anyone who knows more than they do a Silverback, as in the Alpha leader.

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ForJL
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Re: AMC

Post by ForJL » Tue Jun 01, 2021 2:34 am

Surfer,

Not a problem. I wasn't sure what you meant but the first thing that went through my head was a cross between a Silver Certificate and a Green Back. :lol: Now I can wear the Silverback badge with honor. ;)


The following two charts are a continuation of what I did last week. The first is a simple update that shows price ran into a cluster of resistance before pulling back back. The second chart is showing the same technique but with a different harmonic. Both work but I prefer the former as it is a bit tighter overall. The second chart is mostly meant to show the versatility of the technique.

Joe

PS The solid horizontal line is only the crosshair which I keep forgetting to turn off. Please disregard it.
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ForJL
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Re: AMC

Post by ForJL » Tue Jun 01, 2021 10:55 pm

I had a little down time after work so decided to kick this AMC chart around a little by taking a look at sequencing. Sequencing is something I have written about in the past so not going to go into it again here. If you are interested though just do a search and you should find it. In any case I'm starting to regret not analyzing this one sooner because there is some mighty good looking things going on here. :shock: :)
If you can't make out the sequence the numbers are: 10-17-26-37-50-65, etc ... very simple. Finally GREG missed the low today by @14 cents or @ .025% of todays range.

All my files have been rebuilt in Wave 59 and will be posting Wave 59 specific work shortly. I will try to do something more on AMC then.


All the best,
Joe
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ES_Surfer
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Re: AMC

Post by ES_Surfer » Wed Jun 02, 2021 2:44 am

ForJL,

Great stuff! Yes, I wish you had too! I've been in AMC since 5/10. Got out of some here and there and have a runner from 5/10 still. In fact, today I bought 6/18 calls, 30 and 40 strikes during the dip to around 28-29.

Sharing too much here, but I already have enough profit to purchase some items from the bookstore that I've had my eye on for years, and after this probable run tonight (high of 39.41after hours), I think I will push the button and make a purchase later this week. I wish I had saved/archived the old site to look through your previous posts.

I've decided that with this "run" I need to guarantee my success going forward and nothing better comes to mind than to learn from Earik, and you and the family here. Can you imagine if we were as active as one of the stock forums on Stocktwits.com? They get crazy message traffic. Granted we don't want to get that busy, but some additional participants would be great for all of us here.

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