GME's movin' on up!
Fish don't fry in the kitchen;
Beans don't burn on the grill.
Took a whole lotta tryin',
Just to get up that hill.
Now we're up in the big leagues,
Gettin' our turn at-bat.
As long as we live, it's you and me, baby,
There ain't nothin' wrong with that.
Can anyone NAME THAT TUNE?
Yes, it's a bloody mess. But, that's between me and my ADHD.
I'VE GOT BIG NEWS!!!
We've recovered what was thought lost ... three (3) months ago. This says something VERY important ...
Hedgefucks and shorties took MONTHS of short, tiny, aww ain't they cute, red candles to drive GME down, Apes say, "Hodl my Banana," needing but DAYS to flip them a BFGC - BIG ******* GREEN CRAYON. In the process (and until MOASS arrives), there is now a HARD "Thou Shalt Abso-fracking-lutely Not Pass" LIMIT established @ $143.00.
"Thanks, Nostradamus, I know this already", you say, "Wen Moon?" (Okay. Okay. I'll stop.) Here, ya go, this is what you want ...
TL;DR: GME to $236+/-$4 about weeks end.
I published a forecast last night (early this morn?) with bull and bear options for the day. Fortuitously, my bull scenario began to play out in the early hours of trading. My Leg1 extension was off by ~$6 (actual $221.37 vs. forecast $215.13). Not bad if I say so myself; I just might be getting the hang of this. XD (Famous last words.)
Anywho, here's the next forecast (with refinements) for the leg3 advance and its necessary leg4 correction.
*** Crap got distracted and failed to publish this before leg2 completed its formation. Ah well, I was still close. *** For posterity:
=========
Looks like consolidation will occur during leg2 formation. Expect to hit the 00.382-level @ $212.75 (because Kenny needs to claw back as much as he can) and bounce into the beefiness that is leg3. Don't be surprised if the wicks reach as far as $211.75. This was forecast earlier at ~$207.50 if the ABC continued into DE.
=========
Okay, legs 1 & 2 are complete; moving on to legs 3 & 4.
GME is in Leg 3-5-3- ( ). Note, I previously said this was 3-3-3, my bad.)) This is the longest, strongest, and best-est of the three legs of a motive wave. On top of that, we're in some strong motive-on-motive-on-motive action. (Menage-au-motive?) Watch for leg3 to peak in or around $233-$240. DO NOT expect it to happen tomorrow (Wed, 09/01) as it will likely take the rest of the week to accomplish.
I believe as it develops you will get an opportunity to understand the true fractal nature of Elliott Waves. This leg often takes on the form of another 12345 motive sub-wave. I'm willing to bet dollars-to-donuts we'll see another 1,2-cycle (like we just left) form during PM and early-RH trading.
If we do, hold on to your knickers, it's a rollercoaster ride. The subleg1 will likely run up to around the peak of leg1, maybe overshoot a little, say $221-$223 range. After that, it's back to square one (or nearly) as this formation loves to dash the 0.146-level ($214-ish) retracement. That's just enough to qualify for a 1,2-cycle.
That's all that'll happen tomorrow. One step forward, 0.856 steps back.
BONUS: I think it is noteworthy to mention that leg3 could extend; I've seen this develop a few times in GME on the LTFs. What do I mean by extended? An extension occurs when a leg that has an underlying sub-wave takes a breather (generally in the form of a slight correction) and goes on to repeat the pattern a second time. THAT would take a LOOOOONG ass time, maybe two (2) weeks. That means leg3 goes something like this:
/ 3
^ /
1 / \ /
/ \ /
/ \ /
/ 2 V
/
/
1) 12345 motive +
2) ABC corrective/ABCDE Triangle consolidation +
3) 12345 motive.
Now, there are some other items I'd like to point out...
GAP CHANNEL:
Price also currently resides within an extremely significant level - $209-$229. This is the gap from the previous run-up. All that consolidation ranging from the 24th ... yeah, that was to AVOID entering that gap's price range. Now, we sit smack-dab at the center of it. The 25th's daily high hit the gap upper-boundary. Look for moves similar to the past few as we repeat them to cross the upper boundary @ $229.
Importantly, notice the rejection of crossover and subsequent respect for $209, until today. That's gonna reinforce $209 as a FUTURE significant level of support/resistance. I guarantee it'll be a place for price to pause on the way back from the moon.
They tried and failed at $193.60. Now it's a support level. Then there was $209; now, that's a support level too. Next up is $229 (gap upper-boundary). I think this is a MAJOR barrier they really DO NOT want to be breached. Clearing this hurdle will make peeps start paying attention again and where FOMOs will pile in again.
Can anyone say $230 options plays?
Finally, I want to point out a trend I don't think many, if any, have seen or mentioned. Here's an uncluttered chart for you to see what I'm talking about.
GME with Trendlines Only
So, what are you seeing:
1) Trendlines (upper and lower) are in yellow.
2) A nice shaded parallel channel. (Seriously, they are a hair short of perfectly matching that the tool.)
3) Price bands:
3a) A lower-band representing the 05/25-26 price gap. The dotted lines are current ask/bid, prices on the scale.
3b) An upper-band representing the pricing HOLE (not gap, HOLE) splitting the mid-week price action of Tue/Wed (06/08-09) from the Mon/Thur (06/07, 06/10) price action.
4) A purple line representing the center point of the lower-band at $219.22 for reference.
5) Brown lines are significant price barriers.
5a) $143.00 - solid line, absolute lower-limit until MOASS
5b) $193.60 - dotted line, price level with multiple daily candles provide heavy resistance/support (depending on which side price exists).
5c) $265.00 - dashed line, this is the ignition line.
6) $348.50 - THE PINK LINE - this one is in a class of its own and I believe self-explanatory .... LIFT-OFF.
Notice anything interesting about the last two months? Yeah, price action respects the channel lower-bound and the lower-trendline at mid-July as support and, when broken at month's-end, respects them as resistance until recently broken and letting price leap. Price is stymied from entering the 3rd peak's run-up gap but eventually breaks through, gravitating to the center point.
What does this mean? Well here's the thing, to me, it's not just one trend or chart formation. It's the totality, it's a big conversation the market is having with psychopathic self over at the GME table. If you sit one table over and listen closely, you can hear the market's exhaustion.
Fish don't fry in the kitchen;
Beans don't burn on the grill.
Took a whole lotta tryin',
Just to get up that hill.
Now we're up in the big leagues,
Gettin' our turn at-bat.
As long as we live, it's you and me, baby,
There ain't nothin' wrong with that.
Can anyone NAME THAT TUNE?
Yes, it's a bloody mess. But, that's between me and my ADHD.
I'VE GOT BIG NEWS!!!
We've recovered what was thought lost ... three (3) months ago. This says something VERY important ...
Hedgefucks and shorties took MONTHS of short, tiny, aww ain't they cute, red candles to drive GME down, Apes say, "Hodl my Banana," needing but DAYS to flip them a BFGC - BIG ******* GREEN CRAYON. In the process (and until MOASS arrives), there is now a HARD "Thou Shalt Abso-fracking-lutely Not Pass" LIMIT established @ $143.00.
"Thanks, Nostradamus, I know this already", you say, "Wen Moon?" (Okay. Okay. I'll stop.) Here, ya go, this is what you want ...
TL;DR: GME to $236+/-$4 about weeks end.
I published a forecast last night (early this morn?) with bull and bear options for the day. Fortuitously, my bull scenario began to play out in the early hours of trading. My Leg1 extension was off by ~$6 (actual $221.37 vs. forecast $215.13). Not bad if I say so myself; I just might be getting the hang of this. XD (Famous last words.)
Anywho, here's the next forecast (with refinements) for the leg3 advance and its necessary leg4 correction.
*** Crap got distracted and failed to publish this before leg2 completed its formation. Ah well, I was still close. *** For posterity:
=========
Looks like consolidation will occur during leg2 formation. Expect to hit the 00.382-level @ $212.75 (because Kenny needs to claw back as much as he can) and bounce into the beefiness that is leg3. Don't be surprised if the wicks reach as far as $211.75. This was forecast earlier at ~$207.50 if the ABC continued into DE.
=========
Okay, legs 1 & 2 are complete; moving on to legs 3 & 4.
GME is in Leg 3-5-3- ( ). Note, I previously said this was 3-3-3, my bad.)) This is the longest, strongest, and best-est of the three legs of a motive wave. On top of that, we're in some strong motive-on-motive-on-motive action. (Menage-au-motive?) Watch for leg3 to peak in or around $233-$240. DO NOT expect it to happen tomorrow (Wed, 09/01) as it will likely take the rest of the week to accomplish.
I believe as it develops you will get an opportunity to understand the true fractal nature of Elliott Waves. This leg often takes on the form of another 12345 motive sub-wave. I'm willing to bet dollars-to-donuts we'll see another 1,2-cycle (like we just left) form during PM and early-RH trading.
If we do, hold on to your knickers, it's a rollercoaster ride. The subleg1 will likely run up to around the peak of leg1, maybe overshoot a little, say $221-$223 range. After that, it's back to square one (or nearly) as this formation loves to dash the 0.146-level ($214-ish) retracement. That's just enough to qualify for a 1,2-cycle.
That's all that'll happen tomorrow. One step forward, 0.856 steps back.
BONUS: I think it is noteworthy to mention that leg3 could extend; I've seen this develop a few times in GME on the LTFs. What do I mean by extended? An extension occurs when a leg that has an underlying sub-wave takes a breather (generally in the form of a slight correction) and goes on to repeat the pattern a second time. THAT would take a LOOOOONG ass time, maybe two (2) weeks. That means leg3 goes something like this:
/ 3
^ /
1 / \ /
/ \ /
/ \ /
/ 2 V
/
/
1) 12345 motive +
2) ABC corrective/ABCDE Triangle consolidation +
3) 12345 motive.
Now, there are some other items I'd like to point out...
GAP CHANNEL:
Price also currently resides within an extremely significant level - $209-$229. This is the gap from the previous run-up. All that consolidation ranging from the 24th ... yeah, that was to AVOID entering that gap's price range. Now, we sit smack-dab at the center of it. The 25th's daily high hit the gap upper-boundary. Look for moves similar to the past few as we repeat them to cross the upper boundary @ $229.
Importantly, notice the rejection of crossover and subsequent respect for $209, until today. That's gonna reinforce $209 as a FUTURE significant level of support/resistance. I guarantee it'll be a place for price to pause on the way back from the moon.
They tried and failed at $193.60. Now it's a support level. Then there was $209; now, that's a support level too. Next up is $229 (gap upper-boundary). I think this is a MAJOR barrier they really DO NOT want to be breached. Clearing this hurdle will make peeps start paying attention again and where FOMOs will pile in again.
Can anyone say $230 options plays?
Finally, I want to point out a trend I don't think many, if any, have seen or mentioned. Here's an uncluttered chart for you to see what I'm talking about.
GME with Trendlines Only
So, what are you seeing:
1) Trendlines (upper and lower) are in yellow.
2) A nice shaded parallel channel. (Seriously, they are a hair short of perfectly matching that the tool.)
3) Price bands:
3a) A lower-band representing the 05/25-26 price gap. The dotted lines are current ask/bid, prices on the scale.
3b) An upper-band representing the pricing HOLE (not gap, HOLE) splitting the mid-week price action of Tue/Wed (06/08-09) from the Mon/Thur (06/07, 06/10) price action.
4) A purple line representing the center point of the lower-band at $219.22 for reference.
5) Brown lines are significant price barriers.
5a) $143.00 - solid line, absolute lower-limit until MOASS
5b) $193.60 - dotted line, price level with multiple daily candles provide heavy resistance/support (depending on which side price exists).
5c) $265.00 - dashed line, this is the ignition line.
6) $348.50 - THE PINK LINE - this one is in a class of its own and I believe self-explanatory .... LIFT-OFF.
Notice anything interesting about the last two months? Yeah, price action respects the channel lower-bound and the lower-trendline at mid-July as support and, when broken at month's-end, respects them as resistance until recently broken and letting price leap. Price is stymied from entering the 3rd peak's run-up gap but eventually breaks through, gravitating to the center point.
What does this mean? Well here's the thing, to me, it's not just one trend or chart formation. It's the totality, it's a big conversation the market is having with psychopathic self over at the GME table. If you sit one table over and listen closely, you can hear the market's exhaustion.