A couple of things that brought me to that marker.
1. GME has a pending squeeze enroute
2. GME has an unprecedented amount of support and attention right now, globally.
3. The Cup & Handle is a continuation trend, and since it's POSSIBLY connected to the January trend, which reached (at it's apex) 450$+, we can assume that the trend will continue along that route.
4. the retracenment was propelled mostly by the horrible Earnings Call, plus short calls so I'd definitely say it's possible for both of these possibilities.
Again, this is my take. If you have a greater understanding, care to share it with the class?