GME double tested the lower trend line last Friday and ended a grinding WAVE 4 down according to my EW count.
The FIB retracement lines (3/10 high to 3/24 low) and the upper trend line seem to predict a .382 retrace for this WAVE 5 up, but this stock is wild so maybe we get 50% retrace or more as shown on the chart. I'm holding and maybe GME gets some positive...
Looking at the Monthly Chart for SLV - my count has SLV currently moving up in WAVE 3. The volume coming into SLV at the base of this wave structure is extremely BULLISH!
Silver seems to peak in the summer - predicting a WAVE 3 top summer 2021. WAVE 5 top with new all time highs in the shiny summer 2022.
Looking at the timing between the recent highs and lows in GME we have had approximately 3 weeks between them. Today is 3 weeks from the last major top. Today's action makes me think we will hit the bottom of the lower trend line by todays close.
Based upon this timing we could have a nice Reversal going into next week. Not financial advice!
Looking at the Historical Volatility (HV) for clues on the next bounce in the ProShares Trust II VIX Short Term Futures ETF ($VIXY).
A drop to the range of 20 to 25 on the HV has previous indicated a incoming bounce. We are almost there.
I have a few June 18th $12 calls currently will add on a drop to or below 25 on the HV.
Mr. Market remains fearless even...
Once there was a Little Moron and a Big Moron flying on a rocket ship to the Moon. Extremely strong solar winds came along and blew the Big Moron completely off the rocket ship but the Little Moron somehow made it safely to the Moon.
Why did the Little Moron make it to the Moon and the Big Moran did not? Because the Little Moron was holding a little * more-on...