Idea for Gamestop: - GME broke out of a Trend Bull Flag and is in a a Trend Cup & Handle. - Not to be outdone by AMC, GME should see a very similar performance. - MM spread will soon be broken and they will soon be deep underwater. - Time frame of Wave 3 is this summer and Wave 5 should be EOY. - Long term log trend:
Nice analysis as always. Will you be running something similar for AMC?
lenisnow
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how bout earnings
capablePie56073
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@lenisnow, well, they outperformed from an earnings perspective buuut somehow still managed to tank 30+ in a day.. so far. gee i wonder if hedggies are selling off all their GME that's stuck in ETF's. Where's Blackrock when you need em?
pechi123
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61.8% off the $132 B or 2nd wave low came in at 212.66, and $203.90 using the $116.9 bottom, the first has been violated, it stopped exactly there took a breather and went lower. If a triangle develops it'll take weeks, and there will be plenty of opportunity but the most obvious count is a bear market rally, and a double failure swing high on 3/10 and 6/8. If correct eventually under $38.50, meanwhile there is good resistance 248.75 along with the high before today's gap down at 328. I don't expect that gap to be filled anytime soon or at all.
pechi123
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Broke 218.93
pechi123
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It has come down barely above wave 1 high by $1.27, a poke below without developing a triangle will make this a bear market rally. Additionally, looking at all the publishers here overwhelmingly bullish singing to the choir, this is what you see at or near tops.
pechi123
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A bullish interpretation but I'm open minded. It could also be a bear market rally done at 344.66 under the B wave high or prior wave 2 at 348.50 on 3/10. If it's bullish it shouldn't overlap wave 1 up 218.93 (the high of 3/26). At today's low 231.20 it's very close to the 50% retracement @ 230.78 of the entire move off the 3/25 low 116.90. If I calculate 61.8% correction either off 116.9 or the wave 2 low 132 they would both overlap wave 1, an Elliott wave rule violation. If it's bullish then it must bottom above 218.93 and rally over 348.50. Alternatively, as it may be forming a 4th wave and if it becomes a triangle the it is allowable that the steepest part of the triangle violate wave 1 high but that could only occur now in a complex correction because we already have at least a ZigZag in play that could morph into a triangle. That's possible considering the sharpness of the slope up.