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.
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.
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