We have been steadfastly saying that GMEs price structure is bullish
Even as price made its way back down to under 19 we were pounding the table on here saying that NOTHING HAS CHANGED with the price structure
The reason we can be so confident is because no matter what Reddit says- TECHNCIAL ANALYSIS WORKS ON GME
We use a simple system that combines Elliott Wave Theory with Volume analysis to determine probable turning points in the market
With that said GME has one of the most BULLISH price structures we have ever seen in a stock and is adhering to EVERY Elliott Wave Theory rule
NOW WHAT?
At an absolute minimum we should see price move over 100 and make new All Time Highs over the next 4-6 weeks (full disclosure- we are less confident about the timing than we are the price targets)
We think approx the 38 level is where MOASS gets triggered
That is the approx level where Hedgies entered into the 2022 SWAPS agreement that expired end of May
The 38 level also coincides with the approx volume weighted average price as measured on a weekly timeframe from the peak of the Jan 2021 squeeze to Fridays close...WE DO NOT THINK THAT IS COINCIDENCE
So from here we will let the chart lead the way
But as we have repeatedly said...EVERY FIB YOU SEE ON OUR CHARTS IS IMPORTANT..ESPECIALLY the 618s (0.618, 1.618, 2.618, etc)...watch those as they will help guide the way
G A M E O N
Even as price made its way back down to under 19 we were pounding the table on here saying that NOTHING HAS CHANGED with the price structure
The reason we can be so confident is because no matter what Reddit says- TECHNCIAL ANALYSIS WORKS ON GME
We use a simple system that combines Elliott Wave Theory with Volume analysis to determine probable turning points in the market
With that said GME has one of the most BULLISH price structures we have ever seen in a stock and is adhering to EVERY Elliott Wave Theory rule
NOW WHAT?
At an absolute minimum we should see price move over 100 and make new All Time Highs over the next 4-6 weeks (full disclosure- we are less confident about the timing than we are the price targets)
We think approx the 38 level is where MOASS gets triggered
That is the approx level where Hedgies entered into the 2022 SWAPS agreement that expired end of May
The 38 level also coincides with the approx volume weighted average price as measured on a weekly timeframe from the peak of the Jan 2021 squeeze to Fridays close...WE DO NOT THINK THAT IS COINCIDENCE
So from here we will let the chart lead the way
But as we have repeatedly said...EVERY FIB YOU SEE ON OUR CHARTS IS IMPORTANT..ESPECIALLY the 618s (0.618, 1.618, 2.618, etc)...watch those as they will help guide the way
G A M E O N
Note
Zooming in a bitNote
Zooming in furtherNote
Morning!Casino will be open shortly
Setting up to be a SPICY next couple of weeks
The charts above are all we need
B U C K L E U P
Note
Price hanging out near one of the lower level resistance zonesStill just watching fibs/ support/ resistance
Note
And thats a wrap!As expected today was a good day
Price moved higher and held support pre-earnings
All eyes are on earnings at this point...
B U C K L E U P
Note
Morning!Boy are we ready for the casino to open lol
But alas we still are keeping it simple- watching fibs and support/resistance
Once we get past earnings the movement should really start
G A M E O N
Note
And thats a wrap!Typical red day that we see around earnings
Price hung out around resistance which is typical
Now lets see what Ryan Cohen and team have to say about GMEs future
G A M E O N
Note
Morning!Casino will be open shortly
Looks like we are going to open 10% or so down which DOESNT CHANGE A THING
We keep telling you price structure is BULLISH lol
Once we find a bottom over the next few days we will give some adjusted micro targets
Until then we are just watching fibs/ support/ resistance
G A M E O N
Note
Ok this is fun lolI know you are feeling the pain right now but Elliott Wave says FEAR NOT
PREDICTION:
As long as we hold the Aug lows at 18.73 we are headed to the 28 level
MARK OUR WORDS
Note
Look up!Note
Lets have some fun with Elliott WaveDont normally post counts but doing it now to show it works
Note
Update:Note
Ok here we go...Note
Typical of GME price, corrective moves take their sweet timeNote
Get Ready!Note
There are a few different ways one might count this from an Elliott Wave Theory perspective but they are all bullish so we will go with this for nowNote
Im not sure how I feel about the RK Emoji stuff but some on reddit think SIRI is related to the Flag item.Maybe its coincidence but SIRI is looking might SPICY right now...
Note
As is typical of Elliott Wave Theory, as price structure develops we adjust accordinglyRemember, this isnt about being EXACT..this is about PROBABILITIES
G A M E O N
Note
And thats a wrap!Heck of a day coming out of earnings!
But as we said earlier THIS DIP CHANGED NOTHING
SMH @ the amount of FUD on Reddit right now...man that place is toxic at the moment
The reason we are not as affected as most by these price swings is because ELLIOTT WAVE THEORY gives us a measure of comfort and understanding of the PRICE STRUCTURE...
And no matter what Reddit says Tech Analysis works on GME...end of story
It doesnt matter how many DILUTIONS, Short Attacks, Shill/Bot Campaigns, Revenue Misses happen....the only thing that matters is the PRICE STRUCTURE
And GMEs price structure is BULLISH
G A M E O N
Note
Morning!Casino is already open and price is moving as expected
G A M E O N
Note
Thinking we breakout soonNote
Ok price broke a bit lower but expecting the 20 level to hold and a move higher to the 21 level to complete Wave VNote
Should see some movement higherNote
Ands that a wrap!Price drifted higher and overall held support
We are well on our way to the Wave 5 target as we expect the 20 level to hold
Note
Morning!Casino will be open soon
Price action has been overlapping and choppy but has been drifting higher
Seems to be tracing out a leading diagonal pattern which we think will complete around the 21 level
Volume and Fibs will light the way
Chart above works for now
G A M E O N
Note
Almost there!FYI- tweaked the fibs a little as we realized it was drawn a shade incorrectly
Note
Price may have completed Wave V of Wave 1If so we should now see a corrective pullback for Wave 2
There are a couple ways this can be counted so want to see more price action for confirmation
Note
And thats a wrap!Heck of a week!
Price moved higher off the lows from earnings and it appears we may have 5 waves up in a leading diagonal pattern
Anticipating a continued move lower to complete Wave 2 and then we should start a pretty aggressive move higher
Elliott Wave is lighting the path
G A M E O N
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.