Just looking at price action here. I think we will see $120 this week (unless) bulls show up. Thus far, they are no where to be found.
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I will be looking for a bull reaction, if we don't get one.... then all evidence shows we are going lower.
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There are TONS of bag holders at $120... their greed or belief in GME will soon turn to fear of loss once we approach this.... it's likely there are more people with a $120 cost basis than any other level.
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There's actually been tons of good news out of GME lately and still no action... this proves professional money is calling the shorts. Wyckoff teaches us this. If you can't beat them, join them... trade against them at your own peril. We are going into SPRING territory.... patient money will be enjoying tenderonies soon.
There's actually been tons of good news out of GME lately and still no action... this proves professional money is calling the shorts. Wyckoff teaches us this. If you can't beat them, join them... trade against them at your own peril. We are going into SPRING territory.... patient money will be enjoying tenderonies soon.
Turtle271
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Indeed looks like bears are taking over now, no bulls in sight. Should have had more patience, hoping for bulls to take over or going lower.
turklopfer
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GME broke up today, do you think we can get retest of 220-270 trading range as stated in your Wyckoff model? that would be good opportunity to short
TheJoeG
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@turklopfer, I'll be looking at tomorrow and Friday's price + volume action... right now there's a bull divergence with price action, volume not expanding in direction of bull rally... but have to see "What happens next?" - the move(s) following a breakout are the most important part of the trend. Bulls need to see some continuation - if so then yes, easy to see some more bull price action, if not then we're going to back down.
soltarikensho
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Apes ran out of stimmy money around the $200's, we will come for them eventually though, I just wish more people had more patience, I've been trying to warn them on Reddit and I get lambasted every time.
gmoney1216
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@soltarikensho, don't waste your time my friend, these are weak people letting this opportunity go.
turklopfer
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Let's hope it goes back to 90, so we can have a good entry. Currently not holding any position in GME.
TheJoeG
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@turklopfer, So you have a few things converging... it you look at my most recent TAs over past 2-3 weeks - you see a range of 70-100. Looks like target will be 100 day MA, which is also the 85% FIb retracement.... looking good.
Patl66
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Your target still 100-70 or less now? Sorry have not been paying attention :)