If you compare AMC and VW charts right before the Volkswagen Squeeze, based on what we see today, it doesn’t half look similar. In fact, similar isn’t really the word. Identical is what you could call it.
Two things to say 1: if your comment is going to be to not compare to the Volkswagen squeeze; save it 2. This is basic pattern recognition. I’m not putting a date on it. I’m merely pointing out the way that hedgefunds are tactfully working the chart. IMO The charts are insanely and eerily similar.
IMO The charts are insanely and eerily similar. We have an initial run-up, at the beginning of the year, then a small pull down to trade flat for a few months (purple)
Then we have the first breakout into ATH and FOMO buying, a correction of close to 30%, a retrace to the previous high without a breakout (blue)
Finally, we have a definite squeeze, another ATH, a correction of 40%, a retrace up to the previous high (yellow)
In Volkswagen, you can clearly see that right before the major squeeze happened, the final correction (yellow) fell below the first squeeze’s correction (blue).
Im just saying. I am losing my shit excited because of how close we are. Definitely (not) financial advice.