Close up bearish Elliott Count for GameStop
Fundamentally this company is looking quite grim.
As an avid gamer, i know (as do most) the future is digital downloads. There is no reason for a company like this to be the "middle man". As much as I like owning a physical copy of the games, I'm a minority. Most people are lazy and want gaming on demand. Its like vinyl records.
Gamestop is quite reminiscent of another distributer (cough...blockbuster...cough) that got hurt by the transition to the digital distribution model - I can't see why Gamestop is any different.
And with companies like Steam, and EA (with origin) and other more independents leading the digital distribution model, this company is game over.
Not to mention, the CEO talking about making the company some sort of Apple / cell phone distributor or some s*#@ is nothing but bad news bears.
Anyway, on a larger time frame, please see my older chart here: tradingview.com/v/pzDRJV3u/
As an avid gamer, i know (as do most) the future is digital downloads. There is no reason for a company like this to be the "middle man". As much as I like owning a physical copy of the games, I'm a minority. Most people are lazy and want gaming on demand. Its like vinyl records.
Gamestop is quite reminiscent of another distributer (cough...blockbuster...cough) that got hurt by the transition to the digital distribution model - I can't see why Gamestop is any different.
And with companies like Steam, and EA (with origin) and other more independents leading the digital distribution model, this company is game over.
Not to mention, the CEO talking about making the company some sort of Apple / cell phone distributor or some s*#@ is nothing but bad news bears.
Anyway, on a larger time frame, please see my older chart here: tradingview.com/v/pzDRJV3u/
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