Long

AMC has enormous upside. Target $18.00.

AMC Entertainment Holdings (AMC) is testing its 1D MA50 (blue trend-line) today, on a potential completion of an Inverse Head and Shoulders (IH&S) pattern. The long-term pattern is a Channel Down, but the closer it gets to the 0.786 Fibonacci level, the closer to its exhaustion is, being almost a 2 year pattern. Our target is the 2.0 Fib extension of the IH&S at $18.00, which happens to be on the 0.236 Fib of the January 2021 Triple Bottom.

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