Thread by @MerkTrades

Do you even Elliot Wave Bruh?

$AMC #AMC #APESNOTLEAVING #ApeStrongTogether

@TradesTrey @matt_kohrs @Joshuajammes

Check first DD for definition of terminologies.

A story about Elliot and his damn waves. Plus why it adds up with derivative chain, and month chart trends
1/

Obligatory disclaimer. This is not financial advice. i am not a financial adviser. I am a shirtless dude on twitter.

Do not take advice from a shirtless dude on twitter without doing your own DD and TA.

2/

So, where are we. Well if you're still here, you're a diamond handed mother-f'n ape and i commend you.

June and july have NOT been nice to apes, especially apes trying to BTO weekly calls 5 DTE.

We've slowly bled down from our glorious 77.3 to todays close of 37.15.

3/

Now, unlike most apes, i will not sit here and say there was gross abuse of the stock price. Nor will i say it was unexpected.

When we triple topped mid 60s, we entered into a bear market.

these circles here are the start of the bearish push.
4/

sure there may be naked shorting, and there may be abuse in the dark pools, but that's all 'legal' under SEC guidelines, so why put any value into it?

I am here to look strictly at technical, how they line up with the derivative chain, and why that story makes sense
5/

Now, if you followed my first DD. You'll see i think the whole story lies in the derivative chain.

this is todays p/c ratio. its been this high all week ;)

a normal p/c ratio is .7

LOTS of money to make by closing higher on Friday than lower.

(someone STO those puts)
6/

So lets get back to EWT.

Essentially wave 5 can retrace down to the top of wave 1 but no lower.

Note, wave 1's peak was hit in AH at 25.8

We are currently in wave 4 which CANNOT dip below 25.81 (if it does, then the entire EW is invalid)

so theres only a few supports left
7/

lets examine our remaining supports with ah turned off to see Gaps

1 32-36 the gap up on 6/1/21 is from 32-36. That is where my range keeps coming from for those of you whove been following

2 that large dotted line, will get to that in a bit

3 26.5 the last remaining gap

8/

Now what is that large dotted line, and why do i think this ensures a strong bounce off 32?

well as we all should know, the bigger timeframe a trendline is drawn, the more it means.

Lets see where this trend came from.

This is a Max Month chart of $AMC
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1 we are in corrective wave 4
2 wave 4 cannot break into wave 1 at all
3 someone STO those puts, and wants $
4 p/c ratio is WAY to put heavy
5 MM will want stock to rise for friday to capture some of put premium
6 32 is a FIRM support.
7 MM know apes will buy here
8 HF know
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9 Short interest hasnt gone down.
10 Shorts want to profit on positions
11 theyve been profiting hard and are waiting for buyers to come back
12 the second they cover stock will fly
13 MM and HF sto lots of puts

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All in all, i see both Technical, the story line of MM/HF/APES and EWT lining up to the following 2 possibilities.

Shorts haven't covered. (SI barely down)
Apes will FOMO
MM want put premiums

I am strongly convinced we test 32-36 tomorrow

This will be the end of wave 4
12/

there is potential to touch 26 support, but i do not see that happening.

I anticipate that the sheer amount of buyers at 32 will make a lot of bears close their profitable short positions.

40 + Friday will be GLORIOUS

Gamma squeeze to enter wave 5?

I certainly think so.
/end

TLDR tomorrow bad 32-36
Thursday Friday good
Wednesday 7/21 REAL good

Soundtracks for the glory to come:

open.spotify.com/track/2IBF9lQ9…
after the glory wears off
open.spotify.com/track/3jlbL2OT…
Cheers fellas and ladies.

I really like the 45 calls end of august.

dont forget to reshare when i nail it.

🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀