Why go to the Moon when you can go to the Movies

Updated
So it's Tuesday and I sell a 7c 3/19 on AMC to try out selling 30-45DTE options. I was going based off previous resistance of $6.5. This was right before market close. BUT little did I know, I did my daily DD after and found out that price spike was due to NY announcing theatres reopenings. I was like fuck, aight I gotta roll out. At first I thought earnings was in mid March, but it looks like earnings are supposed to be Thursday, 2/25, according to Fidelity and lots of other reputable sources. Heck, if you look at the options IV, this week has the highest IV compared to the other weeks so I think AMC will have earnings tomorrow. It will shit the bed so hard.

And I got to thinking...low volume, nice curve down, could it be?? A cup and handle formation. Also, when Bollinger Bands constrict, expect a break out eventually. I had no idea on how to draw potential cup and handle patterns using built in Tradingview features. But I do like using Fibonacci, so I tried the Fibonacci resistance curves. I used the $10 high at the start of February as my goal, and it all seemed like it checked out.

What I thought was that this NY announcement would've been perfect to temporarily spike the price up, have retards buy FD's, and then have AMC shit that bed. Hedgefunds and institutions would've made easy money with that play. At first I didn't believe the Fibonacci curve levels, it target the 2/26, this Friday for AMC to be $10.

Before market close, I bought 2 10c 3/5 for $100 total, just to hedge the calls I sold. Then I saw AMC down -4% AH, and negative premarket to. I sold my march calls for a 30% loss and then rolled my 7c 3/19 calls into 6c 2/26 to try to capture that IV crush. I should've waited FUUUUUCCCCCKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK. My only hope is to roll them into like a 10c past June lol... but 10c isn't that bad because that's my cost basis including the premium I sold them for. 5 x 13p for $1500 net credit. $6500 collateral. This time, I'm gonna bet with the Hedgefunds, fuckers can naked short and break all the market rules just so they won't lose. I really hope AMC either sustains or doesn't go past $10. If I'm lucky., theta will eat away at the premiums and I'll be able to buy then back for a profit or break even. Worst case, summer reopenings will make AMC rip. Then I'll roll and sell into a leap?? LOL fml

Down -1K on those 5 calls, sold against 500 shares I bought at a cost average of $13. So yea if I let them expire, I'm going to lose a lot more money than the credit I got for selling those options. Will probably have to lock up 5k for several months.

This has been the worst trade deal in the history of trade deals, maybe ever.
Note
I'm pretty fucking sure AMC is doing a Cup n Handle.
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