GameStopLong
Predicting Elliot Wave and Fibonacci for the next Wave
After completing the Cup and Handle pattern fully, it looks to me as if we completed a full impulse wave 12345 with a ABC correction. This perception is also supported by the perfect fibonacci levels.
This suggests we are about to enter a new cycle. Since the Earnings report was incredibly bullish (25% sales growth, 49% earnings beat) and the surrounding news (new CEO from AMZN, new CFO from AMZN) is all very bullish, I expect another impulse wave to begin. We might have a flat correction in between first, but I don't expect too much downside.
The next movement I expect a 1 wave retesting 300, but getting rejected, retracing to 240-260. Then we will see the long 3rd wave, achieving a new ATH, finally in the region of 620. Before I expected this to go between 600 and 800, so this is a fairly conservative estimation. The wave 4 correction will take us back down to the 400s before pushing for the wave 5 to over 1k.
Important to note, that after this strong move upwards, we will see a triangle wave or running flat correction first, with 3-5 weeks of sideways trading. This will not invalidate the idea. Also another step backwards below 232 will not invalidate the idea, just change the numbers slightly.
I consider this idea failed if we drop below previous wave 1 which is around 180.
This suggests we are about to enter a new cycle. Since the Earnings report was incredibly bullish (25% sales growth, 49% earnings beat) and the surrounding news (new CEO from AMZN, new CFO from AMZN) is all very bullish, I expect another impulse wave to begin. We might have a flat correction in between first, but I don't expect too much downside.
The next movement I expect a 1 wave retesting 300, but getting rejected, retracing to 240-260. Then we will see the long 3rd wave, achieving a new ATH, finally in the region of 620. Before I expected this to go between 600 and 800, so this is a fairly conservative estimation. The wave 4 correction will take us back down to the 400s before pushing for the wave 5 to over 1k.
Important to note, that after this strong move upwards, we will see a triangle wave or running flat correction first, with 3-5 weeks of sideways trading. This will not invalidate the idea. Also another step backwards below 232 will not invalidate the idea, just change the numbers slightly.
I consider this idea failed if we drop below previous wave 1 which is around 180.
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