| Author | Source |
|---|---|
| u/possibly6 |
Sup apes
not financial advice at all
see what i did there with the title?
song choice: idk, I just vibe w the beat: https://open.spotify.com/track/3kcTFW5BckceRgCXUArQCp?si=8a9c471ced954419
This is gonna be a super brief post, I just want to highlight possibilities going into tomorrow based off today’s action, as a lot of people seemed excited to see my 208.5 prediction come to fruition very early on in the trading day.
If you missed the recent post, in essence I was explaining how we could expect today to be a bit down as GME was traveling in a minor wave 2 (remember 2 and 4 are against the trend, downwards in this case as GME is BULLISH AS FUCK)
So we hit the .618 target today which also coincided with the 1:1 extension of wave A at 208.5.
WUT MEAN?
note the “C”
I’m gonna attach a terribly drawn visual so you can identify where it appears we are in the trend:
we are here
Do note these are not drawn to scale by any means.
So tomorrow, using EW there are a few possibilities. The beauty of EW and the market in general isn’t that there is a guarantee of a certain outcome, rather you can map out all the possible outcomes, and when one seems more likely than the other, that’s where the best trades and traders are born.
Possibility 1: most likely imo, the “C” wave of the minor wave completed today. This scenario is drawn from today’s price action, specifically how the .618 level was only hit one time. If you look closely, you can see that there were many tests of the level, but only once did we actually cross it, which was early in the day. The touch of this level furthers the assumption that the “C” wave is complete.
“C” completion
In the event this is the case, we should not retrace below the 208 area from this point onwards, putting our final minor 3 target at a minimum of 227.4, though the 1.618:1 comes out to 245.23.
larger time frame targets remain the unchanged, you can reference them in this post: https://www.reddit.com/r/Superstonk/comments/o9wbjl/elliot_waves_and_gme_the_climb_back/
Another way to validate the above as the correct scenario, we will see a steepish move to the upside (maybe $10 or so, doesn’t matter) followed by a .618 retrace of that move. In smooth brain terms, if we go up then come down, but not below 208, then it would appear this scenario is what is going on, wherein after the move down, we begin the 3rd minute wave (within the minor within the intermediate within the primary within the cycle so on so forth)
We should not break below todays low in this scenario.
Scenario 2: the C wave is not yet complete, the next major level to watch to the downside being 204.05. If this is the case, we should retrace down to this level and then begin the upward action as expressed in scenario one.
Technically, all of the levels in the photo below are lower extension targets, though the .786 is the one worth watching for:
scenario 2
In this event, everything is the same as outlined above, we just aren’t finished with the corrective minor wave 2. Move is valid unless it breaks below 198.5, as remember wave 2 cannot retrace below the start of wave 1.
After bouncing at one of the levels outlined above, price action will be as laid out in scenario one, just with a bit of downside first.
Basically, it’ll either go up, down, or sideways, BUT with this roadmap you have a better idea what to expect throughout the day based on what happens earlier on.
I feel nothing. I don’t even check my main portfolio (multiple broker gang rise up), and I don’t intend to unless I am buying more on that account. That portfolio is 100% GME and is my biggest of two (by like 5000%, shoutout OG November apes, hodling pays off)
If we do get some actually interesting action tomorrow, the minor wave 3 target is circled for your viewing pleasure below before a bit of retracement. This is the 1.618 level, wave 3 can hit anywhere from 1.0, 1.236, 1.382, MOST COMMONLY 1.618, 2.618, 3.326, and 4.382 (the last 3 are pretty rare on a larger scale, but they happen)
minor 3 target
Whatever happens, I’m jacked and feel nothing! It could go down up or sideways and I’m happy to own my favorite stock. Not financial advice. I had no problem buying at 300+, best believe I’ll by at low 200s.
TLDR: if you’re really that lazy, read the bolded scenarios outlined. I can’t really shorten that part for smooth brains, but read it and develop some wrinkles 🚀 🌊
I love Wednesdays
Wrote this sorta drunk, time to go get high and stare at fib levels :)