We're half way through the day and GME has completed it's compound Elliott wave.
As we move into the afternoon session what for the Kennys to start pushing price down.
I EXPECT price to fall. There's a gap ($123.14 - $130) on the daily that needs filling and it sits right at the 50% level. Hmmm, imagine that. So, $124 is easily going to happen. Wouldn't be surprised to see it hit $106 before climbing to the next milestone $224 - $230.
Game on.
Comment
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Looks like we extended another ~12.5% from the time of this post.
As the 3-wave had already developed as an extension, I assumed the five ended slightly higher. Didn't expect to see the 5-wave develop as an extension also.
Cool beans, regardless.
So, going forward we adjust everything up a bit. Still expect the correction as originally stated. Instead of pushing so far, I'll be looking for it to reach down past the .5-fib at least for the first part of the correction. Final part of correction could reach as far as the .382-level ($153)
If the correction goes beyond the .382-level that would invalidate the impulse wave and we'd be have to reevaluate the move as an ABCDE triangle wave. Not something I'd want to see as that would allow this next move to retrace even deeper.
I highly doubt that right now with all the momentum, Volume and bullish sentiment causing much FOMO. Along with that we have a great deal of Hedging from fridays price close that will take place tomorrow into wednesday, It is far from over IMO.
ctpahho
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Hope you shorted
TranceaddicT66
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@ctpahho, Why would I short something I've analyzed is going long?
ashyboy123
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I'm thinking up to 200 then reversal. But this could also work.
TranceaddicT66
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@ashyboy123, Looks like you hit it right. I didn't expect that the 3-wave and the 5-wave would both be extensions. Ah well, live an learn. Just raises the numbers a bit.
bougiboy
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Analysis like this should be not playing around with stocks like GME, AMC, TSLA etc... These stocks roll from volume indicators only help so much. Sorry pal this is heading above 200. Look at flow instead of heavy technical analysis for GME it won't work.