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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 196966, member: 40858"] AMC Entertainment has become the new poster child for the Ape Movement since $GME (GameStop) peaked in January 2021. The rally has been nothing short of breathtaking as traders saw the price move from $11 to $73 in the span of about 10 days. But can the rally continue? Let check out the company history below: [I]“AMC Entertainment Holdings, Inc. (AMC Theatres, originally an abbreviation for American Multi-Cinema; often referred to simply as AMC and known in some countries as AMC Cinemas or AMC Multi-Cinemas) is an American movie theater chain headquartered in Leawood, Kansas, and the largest movie theater chain in the world. Founded in 1920, AMC has the largest share of the U.S. theater market ahead of Regal and Cinemark Theatres. After acquiring Odeon Cinemas, UCI Cinemas, and Carmike Cinemas in 2016, it became the largest movie theater chain in the world. It has 2,866 screens in 358 theatres in Europe and 7,967 screens in 620 theatres in the United States. The company is listed on the New York Stock Exchange; from 2012 to 2018, the Chinese conglomerate Wanda Group owned a majority stake in the company. Private equity firm Silver Lake Partners made a $600 million investment in AMC in September 2018, but the voting power of AMC shares is structured in such a way that Wanda Group still controlled the majority of AMC's board of directors. Amid financial downturns caused by the COVID-19 pandemic, in January 2021 Wanda's ownership was increasingly diluted due to new financing by AMC, and Silver Lake converting its $600 million debt holding to equity after a short squeeze. In early-February 2021, Wanda converted its Class B shares to Class A shares, thus reducing its voting power. AMC has been able to raise over 1 Billion in capital since January 2021, to put the company in a better position for future growth”[/I] [HEADING=2][B]AMC Elliottwave View:[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/AMC-Blog20210628171558.png'][IMG alt="AMC"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/AMC-Blog20210628171558-1024x525.png[/IMG][/URL] Medium term term view from the all time low set Jan 2021 @ 1.91. This stock had a very impulsive ((1)) which peaked near the end of January 2021. After that, a fairly sharp ((2)) took place which tool the price from 20.36 peak down to 5.26 low at ((2)). From there, the stock largely drifted sideways for many weeks and months. In Early May 2021, the stock formed a wave (2) low in the form of a complex flat structure. After that, momentum started to pick up into Red 1, with a short lived pullback into Red 2. After that, the chase was on. A very impulsive wave (3) took hold bring the stock from the (2) low of 8.97 to 72.62 peak. A pullback in (4) is favoured to be set, and the stock appears to be nesting some wave 1s and 2s consolidating for the next leg higher. As long as the (4) low @ 37.66 remains intact, further upside is favoured. Should that low give up, the next equal leg area where buyers may enter is the 33.63 area. On the upside the next area where a larger pullback can take place is the 80.95 to 94.36 area. The momentum continues to support the idea for further extension higher for now. Source: [URL]https://elliottwave-forecast.com/stock-market/amc-entertainment-amc-momentum-still-strong/[/URL] [automerge]1625064427[/automerge] In this technical blog, we will look at the past performance of 4 hour Elliott Wave Charts of XLI, which we presented to members at the elliottwave-forecast. In which, the rally from 23 March 2020 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below: [HEADING=3]XLI 4 Hour Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/XLI-4H20210620105045.jpg'][IMG alt="XLI Can Resume The Rally From Elliott Wave Blue Box Area"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/XLI-4H20210620105045-1024x512.jpg[/IMG][/URL] Above is the 4 Hour Elliott wave chart from the 6/20/2021 update. In which, the XLI is showing an impulse rally higher where wave (4) ended at $84.37 low. Up from there, wave (5) ended at $106.81 high and thus completed the bigger wave ((3)). Down from there, the ETF entered in wave ((4)) pullback to correct the cycle from 9/24/2020 low. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (A) ended at $100.46 low. Wave (B) bounce ended at $106.31 high as a flat structure and wave (C) managed to reach $99.99- $96.06 blue box area. From where buyers were expected to appear looking for more upside or for a 3 wave bounce at least. [HEADING=3]XLI Latest 4 Hour Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/XLI-4H.png'][IMG alt="XLI Can Resume The Rally From Elliott Wave Blue Box Area"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/XLI-4H-1024x525.png[/IMG][/URL] Here’s the latest 4hr Elliott wave Chart of XLI from the 6/29/2021 update. In which the stock is showing a reaction higher taking place from the blue box area. Right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area. However, a break above $106.81 high still needed to confirm the next extension higher & avoid double correction lower. Source: [URL]https://elliottwave-forecast.com/stock-market/xli-can-resume-rally-blue-box-area/[/URL] [automerge]1625064452[/automerge] MOEX Russian Index Bull Trend and Longer Term Cycles The MOEX Russian index has trended higher with other world indices since inception. The index remained in a long term bullish trend cycle into the December 2007 highs. It made a sharp correction lower in 2008 that lasted until October 2008 similar to other world indices. That is where the index corrected the whole decades long bullish cycle. Firstly from the October 2008 lows the index rose into the April 2011 highs. Then the index saw an almost 3 year long correction of that cycle into the March 2014 lows. That pullback corrected the whole cycle up from the 2008 lows. From there to the January 2020 highs ended a cycle up from the March 2014 lows. The analysis continues below the chart. Monthly Chart [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/moex-m-6-30-21.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/06/moex-m-6-30-21-1024x522.png[/IMG][/URL] Secondly I would like to mention this overall price movement in the bullish cycles leaves the index in a couple of different scenarios. One way to view it from an Elliott wave perspective is the January 2020 highs was the end of a larger degree third wave. I do not prefer this because it suggests after a few more new highs back above the January 2020 highs the index will suffer a huge correction bigger than ever seen before. Thirdly in conclusion. The positive progression of mankind is reflected in equity indices. I do believe in the technical indicators that suggests I saw enough pain in the dips into the 2008 as well as the March 2020 lows that should eventually prove to be longer term cycle lows. I think the index has a longer term series of nested wave ones and twos. As suggested on the chart I think the cycle from the March 2020 lows should continue higher in the near term before a pullback corrects that cycle. I expect the index will remain above there for a long time progressing higher. Source: [URL]https://elliottwave-forecast.com/stock-market/moex-russian-index-bull-trend-and-longer-term-cycles/[/URL] [/QUOTE]
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