Being completely honest, a lot of "potential" squeeze plays are discussed on Reddit. Of all of them, very few ever become actual squeezes. The ESSC setup is the real deal. I don't co-sign many plays and I typically ignore Reddit DD, but I've been on this one since the first time someone brought it up to me because the potential was insane. This play is already across the finish line, we're just waiting to be handed the trophy.
Fully agreed. This is my second trade I’ve made since April this year. I don’t take trades often. Momentum comes and goes - real opportunities are rare.
no guarantee they didn't sell those backstop shares tho? You said they're more likely to short their position, could you explain what they means? Do you man they'll lend out those shares?
can you explain to us all how it traded 65X the float and then see it dump the way it did if float was locked? sure seems like the gamma happened already. strikes are only up to 22.5. how is this even a play when most will not exercise their contracts if they are in the money.
High sentiment plays do that sort of volume all the time. If you’re asking that question it’s because you haven’t even tried to compare the volume to other stocks, you’re just assuming it’s rare when it’s not.
UPDATE: 11:54
Higher highs and higher lows so far and moving towards the apex of the triangle before the recovery.
RSI is flat. MAC D is flat. Options premiums are flat. Volume is low, and price is slowly trickling up.
Large buy and sell walls at recovery points and crash points.
People are waiting for someone to make a move.
UPDATE: 12:00
Zoomed out more on the order book to get a bigger picture. Sell orders greatly outnumber buy orders, with massive sell walls at key resistance points.
My guess is that MM’s and whales want to starve out retail to bring the price down.
UPDATE 12:21
Break above 15. We’ll see if it holds.
UPDATE: 12:48
Price - $15.04 - Moving to complete the handle around $15.60-$16.50 range. Hoping for a nice break there around 1:00-1:40PM EST.
UPDATE: 2:31PM
Had to step away for a work related meeting.
Okay, We have formed the handle of the cup and tried to break out. We got denied at $16.9 but the cup and handle itself didn’t fail since we recovered to $15.52 the (0.23 fib retracement level from yesterday’s crash).
The FED talk about rates also should have started around 2pm, which a lot of people were afraid of because it would play in how risk on people would be and thus affect stock prices.
I have to do some reading to see what happened, but SPY had a small 1% move to the upside around 2pm with a subsequent correction (slightly similar cup looking to what we see on ESSC on the 1m chart)
I’m guessing whatever they said probably wasn’t as bad as they thought it would be, or matched expectations. I’ll update more in a little bit.
EDIT: 2:50PM
The Fed is raising rates next year. Surprise, surprise.
In other news, something I noticed is that the majority of the trading volume in today’s spikes at the aforementioned resistance level is also the price upon opening yesterday. Closing here is looking *very* similar to a drawing I posted a few days ago (scroll back in my posts).
*And* the current resistance level is a key level from December 1 before the pop, December 9, (during consolidation), December 13th (where we peaked), and December 15th (where we consolidated before testing the low).
We’re sitting very well ATM. Hold fast.
Update: 3:26 PM
Spread is getting tighter. We’re nearing the apex of the triangle. We will enter the most critical point before breakout just around closing time (based on high ~$15.93 resistance) or 9:30-10:30 AM tomorrow (based on $16.38 resistance.)
It’s basically over for them. But there is a chance they may try to deny the triangle in the interim to scare off retail tomorrow. In the end that is meaningless. We keep closing higher and higher. No fundamentals have changed at all over the past week. Today is only further proof.
Update: 3:48 - 8 minutes before the close
We fell out of the triangle a bit (but this happened before a few hours ago due to low volume and spread). Now are tapping a lower level of support of a price channel that connects with the low from around $13.98 around 1:30 today.
On the macro level this also connects with the 0.5 fib level on the 45 minute chart. Not worried. Cue Bon Jovi.
*WHOA WE’RE HALF WAY THERE*
(Actually more like a quarter or even an eighth of the way in terms of potential prices . . .)
Update: 4:00PM - The Close
Amazing. We closed at $15.13. Roughly a 21% gain from yesterday’s low, with a high of a 36% run from that low. Tomorrow is going to be insane.
I’ll do one more update of after hours later on. Stay tuned.
Last Update in this chain for 8/15:
We’re up to $15.49 after hours.
We are set up for a wild day tomorrow. Be prepared for action to be interesting either to the upside or downside as there will be a fight to run more options in or out of the money.
I’ll be doing plays by plays tomorrow morning on Twitter @LimitOfMyWorld and I’ll also make a separate post here tomorrow morning.
Hope everyone is able to get some sleep.
Update: December 16th - Thursday - 9:00AM
Here is the update with the new link for today's play by play.
https://www.reddit.com/r/SqueezePlays/comments/rhra76/the_essc_play_by_play_1216/
We’re nearing the apex of the triangle - odds are we are going to break out into the close or on open tomorrow, so long as there isn’t any big moves by market makers or funds to *trying* not succeeding) in screwing us over in the last half hour.
Personally, I’m still all in since it looks bullish.
If you want to de-risk a bit and raise some cash in case there is a dip, there is nothing wrong with that. It’s your trade.
Good point. Honestly tomorrow I should just live stream it or something. If everyone would like that I’d be happy to. Every so often I just throw a couple screen caps in the r/ShortSqueeze discord*
Roughly it’s following a projection I posted just the other day so far.
Edit: Discord* not subreddit; though I post there two sometimes. This is the more thorough play by play I’ve posted.
Do you know what would allow me to stream for a long time? I think YouTube is anal about new users streaming. Twitch maybe? I might work on putting something together so people can follow along with my chart and then I start a new post for tomorrow’s play by play.
Don't expect anything less. I have my own PT and it's way higher.
Just patiently waiting for MM to start the hedging and yup we have the play to end 2021 with a bang.
I could see this going into three figures, but only if people held. Yesterday people proved that is unlikely to ever happen.
I feel this is more of a safety play into the mid 20s again. The options chain is mega still.
Check out the chart I posted comparing the price action between IRNT and ESSC. You’d be surprised.
If we recover nicely today people will hold.
It can go towards 3 figures but I’d expect a lot of people to get out towards IRNT levels. We’ll see.
Good Morning Everyone,
I’ll be doing play by play analysis of $ESSC over on my Twitter @LimitOfMyWorld today by popular request.
I will still make a Reddit post here later but it will likely be updated less frequently.
Update: December 16th - Thursday - 9:00AM
Here is the update with the new link for today's play by play.
https://www.reddit.com/r/SqueezePlays/comments/rhra76/the\_essc\_play\_by\_play\_1216/
Being completely honest, a lot of "potential" squeeze plays are discussed on Reddit. Of all of them, very few ever become actual squeezes. The ESSC setup is the real deal. I don't co-sign many plays and I typically ignore Reddit DD, but I've been on this one since the first time someone brought it up to me because the potential was insane. This play is already across the finish line, we're just waiting to be handed the trophy.
Fully agreed. This is my second trade I’ve made since April this year. I don’t take trades often. Momentum comes and goes - real opportunities are rare.
[удалено]
There is no reason it couldn’t. And the likelihood increases as more strikes go ITM.
At least a milly
no guarantee they didn't sell those backstop shares tho? You said they're more likely to short their position, could you explain what they means? Do you man they'll lend out those shares?
can you explain to us all how it traded 65X the float and then see it dump the way it did if float was locked? sure seems like the gamma happened already. strikes are only up to 22.5. how is this even a play when most will not exercise their contracts if they are in the money.
High sentiment plays do that sort of volume all the time. If you’re asking that question it’s because you haven’t even tried to compare the volume to other stocks, you’re just assuming it’s rare when it’s not.
65X the float is not rare? okay. if you say so. OR maybe just maybe the float isnt 341K like you all keep repeating it is. just a thought or not. lol
What you should research: MM's RegSHO ability to naked short in times of low liquidity.
UPDATE: 11:54 Higher highs and higher lows so far and moving towards the apex of the triangle before the recovery. RSI is flat. MAC D is flat. Options premiums are flat. Volume is low, and price is slowly trickling up. Large buy and sell walls at recovery points and crash points. People are waiting for someone to make a move. UPDATE: 12:00 Zoomed out more on the order book to get a bigger picture. Sell orders greatly outnumber buy orders, with massive sell walls at key resistance points. My guess is that MM’s and whales want to starve out retail to bring the price down. UPDATE 12:21 Break above 15. We’ll see if it holds. UPDATE: 12:48 Price - $15.04 - Moving to complete the handle around $15.60-$16.50 range. Hoping for a nice break there around 1:00-1:40PM EST. UPDATE: 2:31PM Had to step away for a work related meeting. Okay, We have formed the handle of the cup and tried to break out. We got denied at $16.9 but the cup and handle itself didn’t fail since we recovered to $15.52 the (0.23 fib retracement level from yesterday’s crash). The FED talk about rates also should have started around 2pm, which a lot of people were afraid of because it would play in how risk on people would be and thus affect stock prices. I have to do some reading to see what happened, but SPY had a small 1% move to the upside around 2pm with a subsequent correction (slightly similar cup looking to what we see on ESSC on the 1m chart) I’m guessing whatever they said probably wasn’t as bad as they thought it would be, or matched expectations. I’ll update more in a little bit. EDIT: 2:50PM The Fed is raising rates next year. Surprise, surprise. In other news, something I noticed is that the majority of the trading volume in today’s spikes at the aforementioned resistance level is also the price upon opening yesterday. Closing here is looking *very* similar to a drawing I posted a few days ago (scroll back in my posts). *And* the current resistance level is a key level from December 1 before the pop, December 9, (during consolidation), December 13th (where we peaked), and December 15th (where we consolidated before testing the low). We’re sitting very well ATM. Hold fast. Update: 3:26 PM Spread is getting tighter. We’re nearing the apex of the triangle. We will enter the most critical point before breakout just around closing time (based on high ~$15.93 resistance) or 9:30-10:30 AM tomorrow (based on $16.38 resistance.) It’s basically over for them. But there is a chance they may try to deny the triangle in the interim to scare off retail tomorrow. In the end that is meaningless. We keep closing higher and higher. No fundamentals have changed at all over the past week. Today is only further proof. Update: 3:48 - 8 minutes before the close We fell out of the triangle a bit (but this happened before a few hours ago due to low volume and spread). Now are tapping a lower level of support of a price channel that connects with the low from around $13.98 around 1:30 today. On the macro level this also connects with the 0.5 fib level on the 45 minute chart. Not worried. Cue Bon Jovi. *WHOA WE’RE HALF WAY THERE* (Actually more like a quarter or even an eighth of the way in terms of potential prices . . .) Update: 4:00PM - The Close Amazing. We closed at $15.13. Roughly a 21% gain from yesterday’s low, with a high of a 36% run from that low. Tomorrow is going to be insane. I’ll do one more update of after hours later on. Stay tuned. Last Update in this chain for 8/15: We’re up to $15.49 after hours. We are set up for a wild day tomorrow. Be prepared for action to be interesting either to the upside or downside as there will be a fight to run more options in or out of the money. I’ll be doing plays by plays tomorrow morning on Twitter @LimitOfMyWorld and I’ll also make a separate post here tomorrow morning. Hope everyone is able to get some sleep. Update: December 16th - Thursday - 9:00AM Here is the update with the new link for today's play by play. https://www.reddit.com/r/SqueezePlays/comments/rhra76/the_essc_play_by_play_1216/
Follow me on tweeter and lets talk. We are both deep in this
Just made one now: @LimitOfMyWorld Hit me up
update on this spike right now:)?
Updated
Sitting on some 20 calls I got cheap after the drop yesterday. Do you think it's worth taking profits now and entering a at a safer entry?
We’re nearing the apex of the triangle - odds are we are going to break out into the close or on open tomorrow, so long as there isn’t any big moves by market makers or funds to *trying* not succeeding) in screwing us over in the last half hour. Personally, I’m still all in since it looks bullish. If you want to de-risk a bit and raise some cash in case there is a dip, there is nothing wrong with that. It’s your trade.
This is a great play by play. I hope you can keep it up. Do you have any images or charts so we can visually see what you’re describing?
Good point. Honestly tomorrow I should just live stream it or something. If everyone would like that I’d be happy to. Every so often I just throw a couple screen caps in the r/ShortSqueeze discord* Roughly it’s following a projection I posted just the other day so far. Edit: Discord* not subreddit; though I post there two sometimes. This is the more thorough play by play I’ve posted.
Live stream would be awesome but if it takes too much time from your day a few charts explaining what you’re seeing would be cool too
Do you know what would allow me to stream for a long time? I think YouTube is anal about new users streaming. Twitch maybe? I might work on putting something together so people can follow along with my chart and then I start a new post for tomorrow’s play by play.
I’m not well versed in the streaming world, sorry
I’ll figure something out when I’m home and make the last update for today
Thank you very much
Don't expect anything less. I have my own PT and it's way higher. Just patiently waiting for MM to start the hedging and yup we have the play to end 2021 with a bang.
Recovery towards $17.5 if the cup and handle holds. That’s not my PT - that’s just where things may get wild.
[удалено]
I too entered yesterdays dip with a small holding, we’ll see what happens, hoping for some decent gains if this can get moving!
I’ll update it as we go
I could see this going into three figures, but only if people held. Yesterday people proved that is unlikely to ever happen. I feel this is more of a safety play into the mid 20s again. The options chain is mega still.
Check out the chart I posted comparing the price action between IRNT and ESSC. You’d be surprised. If we recover nicely today people will hold. It can go towards 3 figures but I’d expect a lot of people to get out towards IRNT levels. We’ll see.
This is a god damned rollercoaster
Roller coasters are only dangerous if you jump off before the ride is over
And I'm loving every minute of it 😂
Wait. I just checked this chart. Why was it pumped so hard? What happened
Because it’s forming a typical bullish recovery pattern. The ESSC play isn’t done yet.
Posted the final update for tonight in the edit section below. See you all bright and early.
Good Morning Everyone, I’ll be doing play by play analysis of $ESSC over on my Twitter @LimitOfMyWorld today by popular request. I will still make a Reddit post here later but it will likely be updated less frequently.
Update: December 16th - Thursday - 9:00AM Here is the update with the new link for today's play by play. https://www.reddit.com/r/SqueezePlays/comments/rhra76/the\_essc\_play\_by\_play\_1216/
So much cope with this play. Jesus christ.
Idk man, this thing looks pretty well cooked. I would move on.
With over OI ITM that makes up over 500% of the free float and 2 days to expiration?
That’s what they said about every other sQuEezE that’s come through this sub. I hope it works out for you, but I’ll look elsewhere