GameStop (GME) doesn’t want to stop ! where is the next target?
So the stock went PARABOLIC in the last weeks – starting with full ignition on the 13th of January.
Stock needed to correct down which shows the motive wave is healthy and it is less likely to tumble down as we got a correction almost to the 50% line, so let's break it into targets :
1. Finish retracement at 31.50$ -the lowest we want to see the stock goes, below that means we broke to the 38 line – the red square in the chart. IF we get to the 38% line that means the motive wave is NOT an impulse wave ( strongest wave) and that the stock price can fall even further.
2. After accumulation has accord between 31.5$ to 35$, the stock needs to continue to the third stage of the motive wave and go up above the previous highest high breaking the 43$ price target.
There we will see some correction happening and accumulation again – if it’s a healthy trend, and we will aim for the next target.
3. This target is a bit presumptuous but if our last target gets hit we are looking at big gains on Gamestop – the target is above 50 towards the 52$ mark.
If the stock reaches this target we believe this will be a great exit point, as the price will need to correct a minimum of 30% down and we do not want to be there for that correction.
Please keep in mind we analyze the market according to Eliot wave theory along with market cycle on something we call ‘Market Cycle Based Analysis’ which can be a bit aggressive at times but in this bullish market, we believe this analysis is more valid than ever!
Be safe and trade safe!
Stock needed to correct down which shows the motive wave is healthy and it is less likely to tumble down as we got a correction almost to the 50% line, so let's break it into targets :
1. Finish retracement at 31.50$ -the lowest we want to see the stock goes, below that means we broke to the 38 line – the red square in the chart. IF we get to the 38% line that means the motive wave is NOT an impulse wave ( strongest wave) and that the stock price can fall even further.
2. After accumulation has accord between 31.5$ to 35$, the stock needs to continue to the third stage of the motive wave and go up above the previous highest high breaking the 43$ price target.
There we will see some correction happening and accumulation again – if it’s a healthy trend, and we will aim for the next target.
3. This target is a bit presumptuous but if our last target gets hit we are looking at big gains on Gamestop – the target is above 50 towards the 52$ mark.
If the stock reaches this target we believe this will be a great exit point, as the price will need to correct a minimum of 30% down and we do not want to be there for that correction.
Please keep in mind we analyze the market according to Eliot wave theory along with market cycle on something we call ‘Market Cycle Based Analysis’ which can be a bit aggressive at times but in this bullish market, we believe this analysis is more valid than ever!
Be safe and trade safe!
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