AMC Setting Up for Another Rally

19 Jan 2022

AMC appears to be completing its second corrective wave (4) of a major 5 wave sequence. Looking for a target around 140 after filling the gap at $16.50. Although the chart looks ugly in the more recent term, most traders are forgetting what led it here in the first place. Extremely over leveraged funds have shorted this into oblivion and have doubled down over and over again to cover their asses and avoid covering. With spy looking for a full correction and a potential retracement below 450, margin calls will be coming in hot forcing these over leveraged fools to close out major losers like their short position on AMC and GME and also close out long positions on blue chips that have dropped 10% or more. This will cause a dominos effect of covering that will spark the first flame leading to a FOMO bonfire. Millions of people have had AMC on their radar and are just waiting for a reason to fomo back in