| Author | Source |
|---|---|
| u/possibly6 |
Sup apes
Not financial advice, I’m financially and literally illiterate. literally.
As the title suggests, it is mandatory to play this song before reading : https://www.youtube.com/watch?v=oVaBgcJwkI4
mobile apes, here’s a spotify link: https://open.spotify.com/track/5lLNBIyjp72btcnrjBG751?si=9adfe92dc69943e5
Title felt fitting, I’ve got a lot to go over, so without further ado, let’s jump right into it!
If you follow me for regular EW updates, you’d be wrinkly enough to remember that in my “return of the uptrend” post, I said that in order for the uptrend to remain in tact, it was imperative that we hodl above 197. Here’s the direct quote if you missed it:
“What’s important is the LOW IS IN MOTHAFUCKAS (so it seems, i’d love more cheapies), AND we had a seemingly definitive wave 1 on a smaller scale complete. Identifying a wave 1 is often times the hardest part of EW, but the trick is to look for the end of a downtrend. It is imperative that the wave 2 does not cross below the low of wave 1 (197), or the move is invalidated.”
Where did we bottom on friday?
1m
198.5.
Nice.
So the uptrend is intact, though in the grand scheme of things this doesn’t really change anything if we broke below. All this does is solidify the uptrend, as higher lows relative to our recent low is quite literally the definition of an uptrend.
I don’t quite know where to start, I guess I’ll go from today.
If you follow me on twitter for intraday analysis, I took a closer look and am providing updates here.
I initially made the assumption that our move to the high of today was a 1234 impulse, which would put 5 finishing somewhere around 228 (on an intraday time frame). What I believe is actually the case is the move up to 224.45 was a minor wave 1, you can see this by the notations in blue numbering (i) to (v).
I see it this way as the move at close on friday was actually a hyper extended minute 3. If you watched my EW tutorial video, I briefly touched on this subject. Mass hysteria in markets can result in hyperextended waves, that target the 4.326 extension of wave 1. Visualized below, you can see this happen friday:
hyperextended minute 3
This lead be to believe that there wasn’t too much upside left in the move, sure enough we topped out intraday at 224.45.
So wut mean for tomorrow you ask?
First of all, this is intraday waves, so for one it really doesn’t matter, but pay attention because remember, smaller targets come together to identify future larger scale targets.
My thinking for tomorrow, given that todays peak was a minor 1, we can expect our minor 2 to retrace at least 50% of the move, though ideally 61.8% of the move.
Tying this concept into different types of corrections, the typical correction in ABC form is the A = C, or a 1:1 extension of A.
Visualized you can see the 61.8% target and the 1:1 target of A, they land very close to each other which confirms my bias in the analysis (look at the letters in red)
30m
So, not only does this mean that we can expect a nice little discount towards the beginning of the day tomorrow, but the overarching setup is screaming BUY!
Remember how I said it was imperative we hold above 197 for the trend to remain intact? because we did, that means that after the minor wave 2 completes around 208.5 (assuming we target the 61.8 level and not the 50 or 78.6, it really doesn’t matter haha), means that the setup is technically a 3 within a 3 within a 3 within a 3 (nice)
This puts the intermediate (3rd 3) at a minimum of 227, though the 1.618:1 extension comes out to 245 (note the (3) annotation):
1hr
What I’ll be watching for is holding above 197 still, other than that I’m inclined to believe the visualized count is correct as no rules of EW are broken, and all targets have checked out thus far.
It is entirely possible we don’t retrace to the 61.8 level and we witness something called a flat corrective 2 wherein the A and C hit the same level, in this case around 212 (technical traders refer to this as a double bottom, a buy signal)
After the C wave completes, the 3 within a 3 within a 3 within a 3 begins. This will also likely take place tomorrow and Wednesday. idk about you, but I love Wednesdays.
Now let’s talk bigger picture.
4hr
4hr
Looking for some study material on bullish charts? look no further.
I’ve never seen a chart more bullish than this. seriously. I get hard thinking about how explosive this is gonna get when we get volume upticks.
There are a bunch of targets to watch out for, but the major ones I’m watching for are 428, 484, 517, 572, 660, and 862.
I think everything before 862 isn’t super relevant tbh, I only say this when comparing GME to the movie stock. There has been some work to show there is a correlation between the two, and that GME is lagging a few weeks behind said ticker.
Using this same ideology, eyy emm sea hit the 1.618:1 extension of its january move (35 ish) before retracing to 22 then 70. This was a 12345 impulse with a slightly extended 3rd.
By this logic, GME is still in its biggest wave 3, which at a minimum is targeting 547, though using the movie stock as a precursor, that puts GME at 862.
Note though, movie stock 35 correlates to GME 862. not current prices.
nice.
I’ll need to see where GME retraces to after said move is complete, though it’ll probably go a little something like 862, 600 ish, then break into the thousands.
note, THIS IS NOT THE SQUEEZE! These are all pre squeeze targets.
Something else to note, friday we finally filed the minuscule gap up I mentioned a few days back, visualized by the tiny green box:
BULLISH
If you’re a true OG and have been following me for a while, you know how I always emphasize gaps, and how GME has a tendency to fill them rather quickly. This was the only gap to the downside that had to be filled.
Now you ask, wut mean, and are there any more?
In short, when the gap to the downside fills, now stonk can go up.
There is a gap on the DAILY chart around 300 from a few weeks back, in the image below I highlight all daily chart gaps so you can visualize they do always get filled:
DAILY gaps
these are only daily gaps, not intraday. all intraday gaps are filled.
For smoothest of brains, we can expect resistance at 286 and 292, but once we break this level, it then becomes support.
GME is starting to get pushed on (double u ess bee, automod blocked first post) again too, which is interesting. Seems like the only thing the shills can do at this point is encourage day trading, which I do not endorse.
Personally, I could have a much larger share count If I sold upon target confirmation, but this is not the way. The way is buy and hodl. I love every price I see, the lower the better.
Let me repeat that.
Do NOT day trade/swing trade GME. By selling, you allow shorts to close their position. By holding, they are forced to find another source to short from, or just create synthetic shares. I for one love when they pump more fake shares, it’s just more shares that have to be bought back later. So by all means, keep flooding the market shitadel. I know you’re reading this ;)
I think I covered everything. In short I like the stock and am incredibly bullish on said security. I will not sell said security until it reaches 8 figures, and when this happens I will only sell a small portion of my xxx shares for the sake of the infinity squeeze infinite money glitch.
Imagine finding a GTA V modder who dumps money bags on you and suddenly you can buy every car at west coast exotics. In this scenario, we found the modder, he’s just hesitant cause he doesn’t wanna get banned from the game entirely. But you know he’ll do it anyway and likely get permabanned…
TLDR: buy and hodl, moon soon, godly setup, don’t day trade, be nice to each other 🚀