Still tracking this absolutely massive Bull Falling Wedge/Flag on the weekly chart. A breakout could bring the biggest move we have ever seen to GME. When we use a Fibonacci Extension on the last gap up in 2021, we can see the 1st Golden Pocket sitting up at $85, which would be $340 pre split. And the second, third, and fourth pockets sitting up at $203, $320, and $437 which would be $812, $1280, and $1784 per share, pre split... Also when looking at the Volume profile, we can see, all that pre 2021 short volume still sitting at $1.80 post split which would be $7.20 pre split. In other words, shorts are still hella fucked, and a breakout here would absolutely decimate all those who are still short. I know this is a weekly, but i would def keep an eye out on this one, and if you haven't done so yet, now would be the time to get your tickets. This show is going to be one to remember. History in the making if you will. GLTYA! and say a prayer if you're currently short..
Hey mate, just a naive question, but shouldn't the gap up be measured from the lowest point right before the run up, so $1 to 120? I'm trying to work out where you measured the gap up from, because depending on where you start it from, obviously dictates differences in the subsequent fib levels.
impossiblebull
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@LT1 it was measured from the lowest point before the move up. As you would with an extension. Then the second point is taken from the the peak and the third point from the new low.
impossiblebull
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This is a trend based Fibonacci extension. Which has 3 points to measure from, unlike a regular fib which would have only 2. And this one has been moved to the right for easier viewing. You will notice the faint lines of where the fib measurements were taken from. Also, if you would like to learn more about the use of this tool, trading provides a pretty good tutorial… Cheers.