First, you must fall, then you can rise. This old saying also holds true for the GME stock. We expect the price to drop to around $54.58 and then go on to reach new highs above $500. So, there is a lot of potential still with this stock. However, the current correction needs to fully unfold, before the potential can be realised.
Yes, this could be a countertrend rally off 129.50, but it doesn't seem complete. From the recent 160.25 high there are 3 waves down wherein c=a (equality) at 139.97, today's low 140. If larger wave C=A (equality, most common) off wave B (139.33) low is @ 164.27, if C=1.618 x A @ 179.68 just under prior 4th wave @ 181.98. When 5 waves of C is complete then only a 3 wave correction occurs and fails to take out wave B @ 139.33, then it's possible a double ZigZag correction ended at 129.50, especially if the 78.6% of the decline from 255.69 is violated @ 228.69, then it's possible a significant low was made, a potential rally towards $700-1000, but that's a low probability scenario. So far, the market says triple failure swing highs: 348.50, 344.66, 255.69. The last 2 lows 129.50 & 145.22 both fall within the bullish engulfing bar of 3/25 wherein the low is 116.90 that setup the 6/8 high 344.66. A break of 139.33 jeopardizes the lows of 129.50, and 116.90, if violated then a retest of the 2/19 low (38.50) off the all-time high (483). There is no way of knowing at this time if such a retest of 38.50 were to occur that would hold above creating some bullish structure that would lead to a rally above 344.66. Off the high the B or wave 2 would be best counted at the 3/10's high 348.50 thereby making the 6/8 high 344.66 an X wave.