GME Idea
Updated
Sorry for the messy chart.
Simple: Short term bearish all of next week, pretty much just sideways but finishing the week, Sept 17th, at about 183 give or take $2. Could get bullish from there but if things don't turn around could go somewhere between 170 and 160. If things were to get bullish, which best confirmation of that would be to get back over 201, then I'd target 237, maybe 256, could even get to 284 before the next major pullback if the next impulsive move extends. Would reach one of those targets on Sept 29th or Oct 14th. 284 on Oct 14th is just something I'm watching out for at this point but there are a few things pointing at it, surest part of the idea is 183ish on the 17th at this point though.
Simple: Short term bearish all of next week, pretty much just sideways but finishing the week, Sept 17th, at about 183 give or take $2. Could get bullish from there but if things don't turn around could go somewhere between 170 and 160. If things were to get bullish, which best confirmation of that would be to get back over 201, then I'd target 237, maybe 256, could even get to 284 before the next major pullback if the next impulsive move extends. Would reach one of those targets on Sept 29th or Oct 14th. 284 on Oct 14th is just something I'm watching out for at this point but there are a few things pointing at it, surest part of the idea is 183ish on the 17th at this point though.
Note
Its possible things have flipped bullish, but not likely. I'm actually getting slightly more bearish at 206 since I only expected a pullback to 201 as a max, going above and looking like we'll go back below isn't a good sign for a flip. If it can stay above 197 or so it may be fine but this looks like a pullback and if so things can get to 175, 166, possibly even 155 from here before things turn around.My overall target for Friday Sept. 17th has changed from 183ish to about 187 but things could push down a little further to 185 maybe even 183. From there everything following 183 I had planned could work out saving GME from having to meet those lower targets I'm seeing before it gets a reversal. Because of that going to wait and see how this plays before closing and starting a new idea or making any serious changes to this one.
Note
I don't think we can go up yet. Minimum down we see is 188.50, max would be 155.50, and these are atypical situations. Its really more 176 or 167 that we'd be pretty much guaranteed to see. For us to see this a 15 min candle close below 197 and I'm officially opening some puts for17th.
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