AMC still a good buy?

Definitely not. A lot of people have been asking me about whether AMC is a good investment because of all the hype that has been going on in the Reddit community. However, what differentiates us from normal people that only look at the price is that we can read and analyze charts in order to predict what's next. Similar to what happened with GME, I think the price will start to go down and the people who made money from this hype will start to collect their profits.

For example, Mudrick Capital sold all its stock in AMC Entertainment Holdings Inc. as of Tuesday, the same day the movie theater chain disclosed that the investment firm had bought $230.5 million of fresh shares to bolster its finances, according to a person with knowledge of the matter.

Mudrick no longer holds any AMC shares and sold at a profit, the person said, asking not to be identified discussing a private matter. The firm disposed of its stake after concluding that AMC’s stock is overvalued, propped up by a recent wave of day-trader enthusiasm, the person said.

From a technical perspective, you can see that AMC has finished 5 waves down inside a falling wedge and you know by now that usually when we see a falling wedge, our target is always the beginning of the wedge. If you didn't see the wedge on the weekly chart, you can also use your Fibonacci Extension and you can see that AMC broke the 100% Fibonacci Extension and we know that when the price breaks the 100% Fibonacci Extension, it will continue its way up towards the 161.8% Fibonacci Extension level before retracing back down and that is exactly what happened after the price has reached $36.68.