According to Ralph N Elliot collective human conciseness functions in predictable manner. Stock markets are no different from that. Same patterns repeat over and over again. GME completed a remarkable intermediate motive wave after bear market truncation. It took roughly 300 days for the motive wave to complete with an extended 5th wave. After a motive wave the correction usually last half of time taken in impulse which should be roughly 150 days. After extended wave 5 and completion of impulse first corrective wave A is usually very sharp and deep usually ends in subwave 4 of Major wave 5. In GME it was exactly the case. Now Corrective wave B is in progress which has 3 subwaves. Screenshot below-
Triangles usually occurs in Wave 4 or in corrective wave B. We have same with breakout target about 372 ATH to complete wave B. Which makes me think its going to be a flat correction and C will end somewhere near 40 in 20 days.
Here are some characteristics of this price structure-
Wave 1 was 152% gains
Wave 2 retraced between .50 and .618 on Fibbs was a flat correction
Wave 3 326% gains and subwave 5 ended with diagonal
Wave 4 was a running flat and retraced just below .23 on fibbs.
wave 5 was a monster 3800% and was extended
Posting this idea on a bestie's request. Hope i have done a reasonably good job.
My doubts about this analysis wave 2 correction took 10x more time than impulse ?!!
Appreciate comments and suggestions
Here are some characteristics of this price structure-
Wave 1 was 152% gains
Wave 2 retraced between .50 and .618 on Fibbs was a flat correction
Wave 3 326% gains and subwave 5 ended with diagonal
Wave 4 was a running flat and retraced just below .23 on fibbs.
wave 5 was a monster 3800% and was extended
Posting this idea on a bestie's request. Hope i have done a reasonably good job.
My doubts about this analysis wave 2 correction took 10x more time than impulse ?!!
Appreciate comments and suggestions
Correction !!!!!!!!!!!!!
Apologies for incorrect labelling of triangle Before on Top.