| Author | Source |
|---|---|
| u/possibly6 |
What a day fellow apes. If you missed my Last post, I talked a lot about gap ups/downs and their importance. I predicted in that post and a few before it that we would eventually retrace to 140 where there was a gap up in pre market on March 8.
Oh right, this aint no mothafuckin financial advice hoe.
obligatory.
Anyways, I wanted to briefly share my thoughts on today’s price action and, why I think GME is positioned very nicely (technically speaking) to gain momentum. You’ve seen this chart so many times if you read my DD regularly, buuuut here’s the 1hr view of GME.
Look at the small green box at the 140 mark, representing the gap up on March 8th. Every other gap up has been filled, except for that one. Naturally, it made sense to assume that price would retrace to that level given the downward trajectory it was experiencing.
The next critical level to keep an eye on is 106 (78.6% Retracement from this run’s high). Will we see that level hit tomorrow?
No fucking idea.
Would I be happy to see it?
Fuck yes, more cheap shares for me.
Anyway, this is today’s intraday price action on the 5m view.
Look at RSI specifically, the only indicator that doesn’t have a lot of colors. RSI, or relative strength index, all you need to know is below 30 is oversold and above 70 is overbought. Notice how oversold we were throughout the day. shorties were actively suppressing the price as best they could, but Idk about you, but I just kept buying more.
Here’s the 1m view. Look how many times we crossed oversold!!! This isn’t “natural” price action. I’m sure a few paper hands were shaken out, and if they were fuck them. If they sold now they for sure would have sold early when this shit really starts to move into the thousands.
The majority of retail is holding. If you don’t know what OBV, or “on balance volume is,” in short, the On Balance Volume (OBV) line is simply a running total of positive and negative volume. A period’s volume is positive when the close is above the prior close and is negative when the close is below the prior close.
Here’s GME on the 4hr.
If price movement was really natural, we would have seen a massive decline in OBV, however that bitch aint move lol. Same goes for the recent drop this week and the last. OBV has barely moved, yet GME has been declining. This some fishy shit mother fuckers.
My workspace probably makes you think I got ADHD (spoiler alert, I don’t. I just love my adderal)
Technical indicators are pointing to a reversal, see RSI spiking up after hours from way oversold, as well as MACD curling upwards.
Regarding the cup and handle pattern, did you know the same pattern appeared after the Q3 er call, very similar to what we are seeing now? Here’s a view of Q3, the pattern is pretty fucking obvious.
Now this was a few days after the pattern completed itself.
you know where the chart goes after this, if i zoom out more you can’t even see original cup and handle.
If price action is similar in that sense, I don’t wanna put dates on anything, but 3/29 will be interesting. This is factoring in the interstellar yoyo theory as well, which I find valid. we ran on 2/24, then 3/10. what’s 13 trading days after 3/10?
3/29.
DON’T HYPE THAT DATE UP, I just wanted to point it out in accordance with the interstellar yoyo theory and timeframe for the cup and handle pattern.
One last thing I wanna point out before I sign off, we gapped DOWN today! You know what that means… nothing really lol. Expect that to be filled to the upside soon, then turning into support.
This gap exists from 166.8 to 177.55. Will it be filled tomorrow? I hope so, but it doesn’t matter. Price action we are seeing now is total bullshit, only a fool wouldn’t take advantage of this fire sale.
TLDR: read the post you ape, its good info. Buy and Hodl if you didn’t understand anything else. Nothing has changed, I’m more bullish than ever!
obligatory 🚀 🚀 🚀 🚀 🚀 🚀