| Author | Source |
|---|---|
| u/possibly6 |
My sweet sweet apes, at the time of writing this the market is still open (12:42 pm pst), but GME has crossed 165.88 and this makes me very excited.
Before I begin, this ain’t no mothafuckin financial advice hoe.
Obligatory.
My reason for writing my daily update earlier today is because I’m actually about to go into the desert and eat some uh, as Mario calls them, magic mushrooms.
aside the point.
Aaaaaaanyway, I’ve started to down a new rabbit hole. A little rabbit hole referred to as “elliot waves.” Now before I begin, I want to clarify that I am in no means an expert, I literally started deep diving into this theory yesterday after putting it off for a while.
I came across this post by u/head4headsup , ill just link his post below because he did a very good job at explaining what was going on with price action, and how the waves of elliot waves moves, their target prices etc.
https://www.reddit.com/r/GME/comments/mdf13w/325_elliott_wave_eod_very_strong_moves_to_upside/
Basically, elliot waves theory states that the market moves in impulsive and corrective waves. The waves essentially look like this.
I’m going to link a screenshot from u/head4headsup dd from last night that really got me thinking.
At first glance, i understood the fib levels, the channels, indicators etc. However, after reading his post, I took a look at this picture a little more closely. What I took away from reading OP’s work was that we just finished wave i of v, so wave ii will be a corrective wave that targets a .5 retrace of the peak of wave i.
Sorry if this is confusing, it’s still a new topic to me and I vow to master it one day, for now I am but a padawan. OP was predicting that wave i would finish around 195.5 to 198.63 (just based off the image), today we hit a high of 218.93.
Whats the .5 retracement of 218.93 from 112.83 you ask (these numbers are how fib levels are calculated, draw the retracement tool from the top of the move to the bottom)
165.88, represented by the white line.
Another confirmation I noticed is that there are waves within the waves. I don’t think I can explain it in good detail just yet, though I’m sure someone can explain in the comments. I’d love to further my knowledge on this subject.
I base my critical levels on fib retracements, which is similar to elliot waves. the .5 retracement (white line) confirmed my bias, and after looking into it more, this confirms the wave ii.
Wave i iii and v move up, waves ii and iv move down. in simple ape terms. waves exist within waves.
Keeping this DD short and concise, as of now GME is sitting at 177, and more important broke the downtrend channel, which also indicates this correction we are witnessing is coming to an end.
Either way, I’m a technical trader and these are the levels I will be watching to get the best deals, though I just hit buy all day at this point.
I’m a simple ape. I hodl.
I pointed out in my last DD that the levels I would be watching today were 175-178 level (top of gap down), 167 (bottom of gap down), and 157.85.
167 and 165.88 are pretty fucking close to each other, the 167 figure is the bottom of the gap dow (pink box) that I identified to be a critical level.
TLDR: looks to me the correction for today is complete and we are looking GOOD going into next week! Rocket taking off soon, don’t miss your tickets under $200 <3 My final avg down target that I see possible is 153.36, though we’ll see what the hedgies got up their sleeves.
Obligatory 🚀 🚀 🚀 🚀 🚀