GME rise is over ...
... FOR NOW.
We're half way through the day and GME has completed it's compound Elliott wave.
As we move into the afternoon session what for the Kennys to start pushing price down.
I EXPECT price to fall. There's a gap ($123.14 - $130) on the daily that needs filling and it sits right at the 50% level. Hmmm, imagine that. So, $124 is easily going to happen. Wouldn't be surprised to see it hit $106 before climbing to the next milestone $224 - $230.
Game on.
We're half way through the day and GME has completed it's compound Elliott wave.
As we move into the afternoon session what for the Kennys to start pushing price down.
I EXPECT price to fall. There's a gap ($123.14 - $130) on the daily that needs filling and it sits right at the 50% level. Hmmm, imagine that. So, $124 is easily going to happen. Wouldn't be surprised to see it hit $106 before climbing to the next milestone $224 - $230.
Game on.
Note
Looks like we extended another ~12.5% from the time of this post.As the 3-wave had already developed as an extension, I assumed the five ended slightly higher. Didn't expect to see the 5-wave develop as an extension also.
Cool beans, regardless.
So, going forward we adjust everything up a bit. Still expect the correction as originally stated. Instead of pushing so far, I'll be looking for it to reach down past the .5-fib at least for the first part of the correction. Final part of correction could reach as far as the .382-level ($153)
If the correction goes beyond the .382-level that would invalidate the impulse wave and we'd be have to reevaluate the move as an ABCDE triangle wave. Not something I'd want to see as that would allow this next move to retrace even deeper.
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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.