I know, I know, it’s ridiculous to call this in a market panic, but I have to call it as i see it. Last discussed here, I have been looking for $AMC to complete a 5-wave cycle and it may have early. The pullback today has reached a perfect retracement level and has just the right “look.” My target is now the orange box above.
[UPDATE]: This now looks like “5 down and 3 up,” and I don’t like it. That’s not what I would expect here in the bullish count. I am cancelling this call while we are still in the neighborhood of the orange box. I will need to monitor the price action from here for a bit prior to making another call.
While the indexes are busy frustrating me, $AMC continues to respect my fib levels well. I was expecting a minute (blue) 4 to emerge, which should be followed by at least a nominal new high. We’ve come into the target range for that twice now, which is good, because wave fours often look like h’s. Here’s the picture if the count is right: we would expect some new high (I don’t have good target for that, and it can extend as far as it wants to) but that should be followed by a deeper pullback.
The alternative here is that my blue 3 is the blue 5 and the probability of that would increase if it found no support here.