As usual, this is not financial advice. Do you own due diligence. This is just what I see forming.
An ABC correction is forming that, if it proceeds to develop as I see, will constitute the first leg of a Motive Wave.
This correction will need to break through the descending resistance (blue) and add 100% of the A-leg. This will form the 1-leg peak (~$252). If it does that and rejects the (now) descending support as a 50% retracement (~$199) retest, that retracement coincides with the 618-level which sets GME up for a textbook Elliott Motive Wave.
This is SUPERCALIFRAGILISTICLY bullish.
As this is developing on the DAILY, do not expect this to happen overnight. However, that retest 618 retracement still needs to exceed the 1-leg peak to provide confirmation.
The cautious take: wait until the price closes above the 1-leg peak before entering.
The conservative take: wait for TWO closes above.
The aggressive take: enter after the bounce BUT above the A-leg peak ($231.44). Importantly, you should expect a quick pullback before advancing again (see ME.)
ME: Already committed, I'm looking for a 123-wave stopping short of the 1-leg peak. I'm looking for ANOTHER 618-level retracement owing to the fractal nature of Elliott Waves. That would set up a sub-wave to map out the entire 3-leg.
I'm very, VERY excited about this development. **IF** everything progresses according to theory, we could be looking at a $370+ for the 3-leg peak and a $480-ish for the 5-leg. (My money's on $460-ish.)
The Euphoric take: Is this it? The MOAM (Mother of all Motives)? The MOASS? I dunno, but given what's happened in the past during run-ups ... Hoooooooooo-boy, I'm not gonna risk missing this rollercoaster.
SideNote: If this is the squeeze, we will likely see an extension of the 3 & 5 legs. What does this mean? It's the 3-phase runup. What does it look like? See what you can expect with my $SHIBUSD chart.
Trade smart. Trade Safe. PROFIT!
