GME Initiation wave C of a corrective sequence
Updated
I believe that GME is in it's third corrective wave after completing wave B this morning. I have been following this cycle for a while now and I think that this is the most probable scenario. GME was teasing the major trendline the last few days and has formed, what Thomas Bulkowski would call, a "three peaks and a spike". According to Bulkowski, the downtrend PT should be around 125$. However, the elliot wave analysis suggests that wave C would end in the purple box. My guess is that 125ish would be a support regionj but the price will continue the downtrend up to the purple box.
Note
Everything going as forecasted. 125ish acting as a support on the way down. I believe we're in an extended 3rd wave downwards and the next stop is the purple box. I have the fractals for the extended wave drawn out but I don't know if it is worth posting. Let me Know if you you're interested.Note
Price looking like it's gaining upward pressure and coiling up in an inverted rooftop. Break of the pattern will decide if we move down to the purple box or we cut our move down short and start rallying. thepatternsite.com/iroof.html
Trade closed: target reached
My bearish sentiment has ended. I believe we formed the first bullish impulse wave on thursday and wave 2 was today. This correction was, in my opinion, a regular flat. I know I said it could reach to the purple box (made sense with the condition of the overrall market) and form a zig-zag. But there was always a possibility of the regular flat (as indicated on the graph with the white horizontal ray).
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