Elliott Wave Intraday Analysis: GME Is Looking Higher

NYSE:GME   GameStop Corporation
Hello traders and investors!

Today we will talk about short-term intraday GME structure in which we see pretty nice and clean bullish setup formation, at least for a three-wave (A)-(B)-(C) rally away from the lows.

As you can see GME made sharp and impulsive rally in March that belongs to first leg (A). In Elliott wave theory, after every five waves, we can expect a three-wave pullback before a trend continuation. So, currently we are tracking an A-B-C corrective setback within wave (B) that can be slowly approaching the end, as we see it moving in final stages of wave C of (B). Ideal support in Elliott wave theory is at the former wave 4 and golden 61,8% Fibonacci retracement which comes around 125 level, so final subwave "v" of C can be still missing.

What we want to say is that we should be ready for more gains within wave (C), but ideally once current wave (B) correction fully unfolds. Of course, there's a chance for bigger or more complex wave (B) correction, but the count remains valid as long as it's above 77 invalidation level.

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Comment: We want to update our hourly GME chart. It came nicely into first projected 125 support level, but we will have to be aware of slightly lower levels for C of (B). However, we still believe that strong support is here in the 125-100 area, from where we can expect another rally. Invalidation level remains at 77.60.

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