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Gmelong

GME: Short & Long (triangle, lines)Gamestop near double support. We have a triangle at the top. According to classical technical analysis, such a triangle can be both a trend continuation model and a reversal model ... Moreover, this triangle must be broken up or down no later than 3/4 of its beginning to its top, in other words, no later than November 1, 2021 ... Otherwise, the model is considered unfulfilled (rotten), which means the price has entered a sideways trend. At the same time, inside this triangle, we see three downward movements, each of which lasted exactly 56 days. The first two movements gave approximately the same -42-45%, but the last third gave only -17.34%. The foregoing suggests two opposite thoughts to each other: 1. Sign of bullish strength. The bearish downtrend is losing strength and the GME is ready to start an upward movement, bouncing off the support lines. In this case, we have the right to hope for a profit from a long position at least + 25% by December 01-06, 2021 - until the triangle resistance. As much as possible, we can expect the breakout of the resistance of this triangle and the continuation of the uptrend to the vertical size of the triangle = $ 397. 2. Sign of bearish strength. The triangle is preparing to become a reversal pattern and shed the price strongly down - to $ 65-55 per share (about -65%) just to the level of 2007, 2013 and 2021. I expect more bearish downtrend than bullish uptrend ... But at the same time, I have already placed orders in both directions with short stops and pyramiding on corrections towards the developing movement. In both cases, I look forward to making a profit. But only prolonged sideways movement with strong volatility can cause losses. Not a financial recommendation. Not advice.
NYSE:GME
by Dr_Chester
1
possible $800 GME pumpover the past few months we have seen some unrealistic price movements in GME. i think that we are about to get another/ final unrealistic pump before GME goes back down to a realistic price. on this chart you can see fib time zones showing that big price movements happen after crossing one, right now we are about 1 week away from crossing one which means we could possibly get a pump. GME price is forming a triangle pattern which means we could get a pump after were break it.
NYSE:GMELong
by r2d22010
GME reached important support levels. Is the bottom in?GME reached the 200 MA on the 8h + extended hours, it hit the S3 weekly, the diagonal support, a VP HVN and it managed to get into an area that was previously resistance (currently turned into support). So to me this either is the bottom, or GME is in trouble. This is a massive combo and the structure of GME in the long term is still bullish. In my opinion the double top at 340 has a change to break and is what has me quite bullish. Of course there are several issues in the global economy, meme stocks haven't been doing well and so on... but this doesn't mean that we can't see another big rally. That requires that things don't crash right now and that we stay in a bullish environment for stocks... which over the last few weeks/months has been turning bearish and mostly favoring large caps. Going long here isn't a bad choice imho with stops below 160, otherwise wait for the market to close above 220 to start looking for longs.
NYSE:GME
by BitcoinMacro
9
GME - Daily Chart - Long ScenarioTwo possible scenarios that if they should occur i plan to take long positions. Scenario 1 - Orange arrow Price moves against Support level (lowest blue line) Scenario 2 - Blue arrow Price moves against center Support level (middle blue line). Moves under it and reclaims it. Targets are the next big Resistance levels. Dont forget: - Watch your Risk management - DYOR (Do-Your-Own-Research) - This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor. Thanks for reading! trader_se
NYSE:GMELong
by UnknownUnicorn1541497
8
Elliot Wave for GME. What to expect next? (numbers adjusted)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 and filled the gap at 211 to 220 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. This would be wave III in the bigger cycle, the longest and most powerful one. 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 230. Then we will see the long 3rd wave, achieving a new ATH , finally in the region over 770. Before I expected this to go between 600 and 800, so this is still very much in line. The numbers changed because of the wave II in the supercycle shifted the base slightly. The wave 4 correction will take us back down to the 600s before pushing for the wave 5 to over 1.3k. Important to note, that after this strong move upwards, it is possible that 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 211 will not invalidate this idea, just change the numbers slightly (hence why this repost with corrected numbers) *I consider this idea in danger if we drop below previous wave 1 which is around 180, or failed if we fall below the previous wave 2 which is 130.
NYSE:GMELong
by baumulrich
12
GME Breakout Day 11 - Sling Shot Maneuver Major Price action today, drop (with gap down) hitting a low of 211, and closing today at 220. After hours is up slightly to 230 which is pretty interesting. The thought is with the higher volume day at 22.7 million is that Gamestop sold all or most of the 5 million shares they announced they could sell yesterday. The last time GameStop completed selling 3.5 million shares in April the stock spiked. Even if Gamestop doesn't come out and say how much they sold the slight violation of the curved line trend is ok. It looks like a bounce, not a break. Especially if GME opens higher then the close today, which looks like will be the case. Further, it looks like GME has been cleared to be moved from the Russell 2000 to the Russell 1000, and all the shorts in that EFT related to GME will need to be bought back which is a pretty big deal and that date of EOD June 25 switchover date is fast approaching. TLDR Resolution of the multiple gap ups after 217(creating a gap down between 280 and 302) GME partially or fully sold 5 million shares. Means > Limited further selling pressure (need confirmation). Bounce off the Curved log trendline(pending confirmation tomorrow) GME moving from Russell 2000 to 1000(basically confirmed, just waiting on a press release) GME almost always drops after earnings, but the drop is limited and recovers well. Buckle in, because I think GME is ready to pull some G's.
NYSE:GMELong
by testmuffin13
8
Predicting Elliot Wave and Fibonacci for the next WaveAfter 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.
NYSE:GMELong
by baumulrich
2
GME Breakout Day 10 - Final TestAlright guys, confirmed amount of "normalized" voting shares released via the 8k is 55 million. Is this the number of shares that actually voted or is outstanding? NO. Gamestop cannot report a number higher then the issued share count. Based on the number of mostly foreign brokers that blocked voting and brokers that allowed voting and advised only a fraction voted, we can guarantee that that number is significantly higher then the reported 55 million in the 8k. And to be clear, Gamestop is told how many shares actually voted. I don't think they are allowed to ever directly release that information. What does this mean? Nothing has changed, the squeeze is still on. Overview: Here is the long range shot of where we stand. The After hours drop from 302 to 260 touched briefly the DEC 2020 straight line log trendline then bounced hard on 2.5 million AH volume. 260 was the price just 2 days ago. I have a high degree of confidence that bullish trend is very much intact as this drop occurred after hours. The only short term trend that was violated was the trend from June 7th which isn't a big deal. Expecting pre-market 9/10/21 positive as long as the trend from DEC 2020 remains intact as well as continued increases in OBV.
NYSE:GMELong
by testmuffin13
7
GME gearing up for more upsideAs predicted in my older posts, GME is now nearing the completion of the Cup and Handle pattern. This is very bullish, and indicated that it is ready to continue its long term upward trajectory. The long term trend we see with this pitch fork from the ATL to first peak and next low outlines that we should be expecting another test of the top of the 1x trend line at around 760 to 800, and after that, we could even see a run to the 2x trend line like in January at around 3000 to 3200 within a months time. This is the best case scenario. I consider this trend invalidated if we fall below the purple zone between 90 and 80.
NYSE:GMELong
by baumulrich
GME Breakout Day 7 - Stage 1 Separation in 6 daysYesterday was the highest close since January 29th with today being a second close in a row over 250. At this point being so close to the 9th, there is a large portion of people waiting for that all important answer to the only question that matters. How many shares voted in the shareholder meeting? We will find out next week and while I have enjoyed this breakout, I have been rolling over my call options to shares, as options are currently very expensive. I will be buying the whole time though and have not sold any shares, just been rolling in option profits to more shares. Short term technical: GME currently on a run since the 24th and todays close is sitting on the trendline. A hold tomorrow should be a close of at least 265. I have moved my "moon" target to June 9th and 351 dollars which was the March high, The gap up is still not filled (217-222) and I believe there is currently zero chance of that happening. There was a gap down today which should also put pressure on GME to keep rising up. Good luck and hang in there.
NYSE:GMELong
by testmuffin13
1
GME Breakout Day 3 - On TargetOBV confirms move upward Next major step in the breakout is 300 and 350 which was the previous high before the death drop to 170. Large amounts of calls are coming ITM is only going to push this stock further up. Get ready for those margin calls that should start happening Friday/Tuesday. PS, if you see news that "shorts" have lost 6 billion dollars or whatever, that doesn't mean they covered, those are paper losses. Its just going to get exponential once the shorts are forced to cover. And we haven't even discussed the NFT.gamestop.com website which if dividends are paid in a brand new crypto then that is game over for short sellers. Good luck and hang in there.
NYSE:GMELong
by testmuffin13
10