CTRLZEEE

GME Bearish Flag forming

Short
NYSE:GME   GameStop Corporation
Let the trolls begin lol.

To be real the volume has completely dried up since Jan on this stock. It makes sense since its trading at 200+ dollars and trading as high as some really good stocks like SQ and FDX . Others went on to other meme stocks that are much cheaper to trade. The average guy can no longer afford to buy up here and possibly lose his/her money due to the insane volatility . My guess is the only people pumping this stock up here are whales that still make alot money off of this and the average retail traders who are completely in love with this stock. I get it.

As far as the chart goes, I currently see an oversold situation in the hourly chart which creates the E part of the corrective wave (230ish) then finally come falling back to (153ish) in the .618 fib retracement which only makes sense as its also a trendline support. Stocks or Stonks, it finds a way to retrace back like the January high then a fib retracement of 1 due to the magnitude of the climb. I wouldn't be surprise further down the line it replicates the move up from Feb but in the opposite direction and finally settling back around 66ish area.

Dont hate the chartists, everyone is entitled to an opinion or you're just a pig.

Comments

hm. this is interesting. I agree the volume has dried up compared to Jan, but most of "retail" money is now going into AMC (since they're seeing green compared to GME). Although i don't agree with it coming down this far (there is big support at 207, 200, 197, and 193). I'm still bullish on GME long term and short term. I think the hedgies are playing a game that they can't win, and its just a matter of time before it pops back over 300+ (especially if AMC is green this week). Also, i would chart from a 4 hour or daily chart to get more reliable technical support and resistant. From this 1 hour RSI (and the macd on my chart), this would be a good entry for a swing trade.
+1 Reply
connorskific brettkaplan090
@brettkaplan090, I think ya'll are mistaken have you been over on reddit /r superstonk? Most of us have doubled our positions since March, I'm putting another $8k in today as this new offering represents a floor imo.
Reply
Because it was a complex correction (ZigZag + Triangle) I'm uncertain what is the widest part. Is it 328 to 211 (3rd wave) = 117 or 241.13 -206.13 = 30, wave E is 233.66, the former scenario case projects 116.66 (under 3/25's long bar low 116.90 that led to rally) to 71.97 (1.382), the latter scenario projects 203.53 (exceeded) to 192.02 (1.382)?
Reply
Since a ZigZag morphed into a triangle that by nature is a terminal thrust, what is your thrust measurement? I see that you expect 61.8% retracement, in a triangle the calculation is taking the widest part and multiplying it by 1.382 or simply take the distance and add or subtract (as in this case) to wave E.
Reply
A bearish contracting triangle thrusting much lower under wave B @ 206.13.
Reply
It's a much better stock than SQ. Good lucky getting that $66 buy in.
Reply
CTRLZEEE timb1515
@timb1515, who says I wanna buy in? Just because I post something bearish doesn’t mean I wanna get in it at lower price. Lol
Reply
timb1515 CTRLZEEE
@CTRLZEEE, Your short is gonna be blown up anyway.
Reply
CTRLZEEE timb1515
@timb1515, ??? Ur sick in the head.
Reply