A further 1700% move to $600 for Gamestop in 2024?Bet that title got your attention.
Well it might not be as crazy as it seems. An exercise performed by yours truly is to scan through monthly charts on the beginning of each new month. Takes more time than you imagine. Gamestop is certainly worthy of attention on the monthly time frame.
On the above monthly chart:
1) It is without question, past resistance confirms support with the close of May on the horizontal support / resistance. Blue arrows.
2) The print for May is a bullish engulfing candle. A candle besting those that printed in May of 2020. 4 years later… Look left.
3) The “Breakout” in stochastic RSI is significant on this time frame. Momentum is surging.
4) The Bull flag pattern breakout is impressive but not yet confirmed. Ideally a backtest would print around the $15 dollar area.
5) Should a back test confirm support then price action is forecast to make a run to just over $600.
Is it possible price action delights short sellers with urgently needed corrections? Sure.
Is it probable? No.
Ww
1GME trade ideas
CLEARLY GME is about to break out and above $26.00. LI believe right now is the last opportunity to buy GME at a discount, once it breaks this trend line and makes a break above $26.00 I don't see any other opportunities at this price range in the near future. Support at $25.00 was the nail in the coffin IMO.
Do you, I'm just a retail trader and I'm not giving financial advice, just observation.
GME more upside potential**Not financial advice.** I have been wrong before. :)
GME has the potential to get to about $140 to $180. On the flipside, it could also absolutely tank if goes through these support areas.
The stock has reclaimed long term channel and is backtesting support. If it respects this channel, then $140-$180 is possible.
Something is brewing in Gamestop $GMEBetween now and 16th August I believe NYSE:GME will move into the launchpad area before making new highs. I would expect this move to be completed before Friday 16th August.
My LIS is $17.50 but I feel we may only get as low as $19 before a move back up. Then it should be fireworks and rockets.
God speed space cadets.
NYSE:GME
If you think $GME trades irrationally……Do you think the spikes we have seen on GME recently are just mindless fomo?
Take a look at the weekly chart using Fibonacci retracement from approx the bottom of Roaring Kitty's super rally starting the week of his first YouTube video in 2020 to the top
Now that we’re in 2024 and Roaring Kitty is back
Where have they spiked to and where did they land?
Where are we now?
Remember every level of the fib retracement is important
You decide
HODL
ROOOOAAAARRRRR
DIAMOND HANDS
Is this the mother of all bull flags?….I present before you the daily chart, record volume and incredible volatility all to this point in time
Today, Citroen is out one of the largest short traders against NYSE:GME
Tomorrow historic NYSE:GME shareholders meeting
I’ve been buying and adding to my trade for days
Do what you want im HODL
Diamond hands
GME: a QUARTERLY THEORY thorough analysis (ATH will be reached)Here is the short explanation about the Quarterly Theory.
It divides up a full session into 4 different parts. This can be for daily, weekly, monthly, year, 4 yearly and even longer sessions. The crux of the important part is knowing where to enter. The opening price between quarters 1 and 2 have major significance. If a long position is to be entered, it is always UNDER the opening price between quarters 1 and 2. If a short position is to be entered, it is always OVER the opening price between quarters 1 and 2.
There are also basic price action theories that are required to be adhered to, to be able to enter into a position. Two lows or highs broken by significant price action will trigger an entry below or above the 1st and 2nd quarter opening price.
I have done most of the work for the readers and quartered the price action of GME into 4 yearly slots.... Each quarter resembles a specific type of price action based on what the first quarter does.
Here are the descriptions of each quarter:
X - This quarter is either a reversal or a continuation. Typically trades should not be had in this period. This can be generally identified by price action in this quarter. Trades are typically not entered in a quarter that is defined as "X". This will either always be the FIRST quarter or the LAST of the 4 quarters.
A - Accumulation: Accumulation typically represents itself as consolidative price action. Price tends to stay in a range. If Accumulation happens in the first quarter, it is not advisable to take a trade from this quarter. If Accumulation happens in the second quarter, trades can be taken.
M - Manipulation: Manipulation price action will typically take out a high or a low from either accumulation or the X quarter. Trades can be taken from this quarter.
D - Distribution: The price action will vary in this stage, but will sometimes act as a reversal from the Manipulation period or a continuation of it. This is typically when big players are earning their profits. Price action can be mixed in this quarter, but it is always either the 3rd or 4th quarter, depending on how the quarter started.
There are 2 different types of quarterly variations. XAMD or AMDX.
The first quarter is ALWAYS either an "X" or "A", and from there the pattern can typically be recognized.
So let's talk a little bit about the current status of GME using the quarterly theory.
As you can see on the chart, GME started a new quarterly cycle in 2019. The first of the 4 year period quarters was a reversal, so we know that the first quarter in the next 16 year cycle from 2019 to 2023 was an "X", as characterized by price action.
From 2023 to 2027, price action will be in the "A" cycle (Accumulation). In this 4 year cycle, we can expect the price to be choppy and relatively rangebound as price consolidates, and market makers start entering into positions.
So the question is: what kind of positions are these market makers entering?
No doubt there has been a major short squeeze starting in 2020. Most of these big players are either offloading their short positions here, and/or have started accumulating for another upside move so they can get into the "action" that they missed. Lets take a closer look:
In this zoomed in chart, we can see where price reacted from a POI, cleared at least 2 highs with significant ease, and immediately came back under the 2nd Quarter opening price, which we have talked about earlier is a significant entry point. Now that doesn't mean that you were too late on the trigger to enter. I have a feeling that we did not hit a POI when price jumped down below the 2nd QT open price, so the chances are still good for us to get into a position using a POI that is BELOW that 2nd QT opening price (to long from).
Keep in mind, this price action will be consolidative in nature for at least another 2-3 YEARS at least, so if you're going into GME, don't expect to hit the moon without having to wait for the slingshot to speed up for the next couple of years.
This general area is where smart money is buying. And yes, it is expected that the All Time High (ATH) above $120 will be cleared for liquidity. Don't be greedy... If you plan to hold for long, don't start thinking that this could go to like $500.... Could it? Sure... But it could also just double top immediately at the $120.75 price and immediately sink. That could be the manipulation quarter unfolding.
Yes, GME is a LONGTERM buy.
Don’t panic.All we did was move down to the 200MA 1HR this is typical of ANY stock……
Chill this isn’t a waterfall and not a crash
We’re probably going to see a bounce as this is the accumulation stage. The only ones who got destroyed were same or next day options traders. My recommend is to buy the stock only as you can cut losses or take profits if and when needed
Clear heads always prevail
Diamond hands
*As a kudos to Roaring kitty that guy is very honest posting his losses like that live stream to the world
Downward Channel GMEDownward channel for GME with additional data from fib extension.
Entry price: somewhere near $21-$22.50
If we can break resistance at $24.01 (38.20%) fib we can see movement upwards, if not i can see it dropping past $23.37 (23.60%) fib and going into the "buy the dip zone" at $22.32 (0%) fib.
GameStop ($GME) Technical Analysis: A Harmonious Bullish Journey### GameStop ( NYSE:GME ) Technical Analysis: A Harmonious Bullish Journey
#### Current Financial Data
As of the latest market close, GameStop Corp. (NYSE: GME) is trading at $24.43 , reflecting a change of 1.75% from the previous trading session. The stock has a market capitalization of $8.58 billion, with a 52-week range of $9.95 to $64.83. The average 5 day trading volume stands at 12,258,820 shares.
#### Long-Term Harmonic Bat Pattern
Since reaching an all-time high (ATH) on May 14, GameStop's stock has been slowly carving out a harmonic bat pattern on larger timeframes. This pattern, known for its predictive power, suggests a potential bullish reversal. The bat pattern is characterized by its specific Fibonacci retracement levels, which GME has been respecting, indicating a well-structured technical setup.
#### Falling Wedge Formation
Around July 1, a falling wedge formation was observed, typically a bullish continuation pattern. This formation indicated a consolidation phase within a broader uptrend, providing a precursor to a potential breakout. True to form, GME began to show signs of upward movement following this pattern, marking the beginning of a new bullish phase.
#### Price Movement and Momentum
Post- July 1 , GME saw a price retraction to the $23.37 mark. This pullback was instrumental in building bullish momentum as traders accumulated positions, anticipating the next leg of the harmonic pattern. The slow price retraction allowed for the formation of a solid support base, critical for the upcoming bullish journey.
#### Resistance and Targets
Currently, GME is approaching a significant resistance level at $31.69. Breaking through this level is crucial for further bullish progression. Upon successfully overcoming this resistance, the first target stands at $37.78 . This target is strategically placed just before another anticipated retraction around the $32 mark, providing a healthy correction and consolidation phase before the next bullish surge.
The second target is set at $53.44 . Achieving this target would mark a significant milestone in GME's bullish journey, completing the second leg of the harmonic bat pattern. This level aligns with the 161.8% Fibonacci extension from the initial price move, reinforcing its technical significance.
#### Technical Indicators
Several technical indicators support the bullish outlook for GME:
.**Relative Strength Index (RSI)**: The RSI is currently trending upwards, suggesting increasing buying pressure.
**Moving Averages (MA)**: The 50-day MA is poised to cross above the 200-day MA, forming a 'Golden Cross', typically a bullish signal.
**Volume**: Trading volume has been increasing, confirming the bullish momentum as more traders participate in the rally.
#### Conclusion
GameStop ( NYSE:GME ) is currently in a technically significant phase, with multiple bullish indicators aligning to suggest further upward potential. The formation of a harmonic bat pattern, coupled with the recent falling wedge breakout and subsequent price movements, sets the stage for a bullish continuation. Traders should watch the key resistance level at $31.69 closely, as breaking this would open the path towards the first target at $37.78 and potentially the second target at $53.44.
As always, while the technical indicators provide a strong case for a bullish outlook, traders should remain vigilant of market conditions and news that could impact the stock's performance. Happy trading!
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*Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.*
GME Bear FlagI hate to do it, but I have to post a bearish idea for GME. It has been holding the $23.50 area pretty well, but has a bear flag after a pretty significant drop from up around $30. Not only is this a bearish chart in my mind, but GME struggles heavily during broader market down turns. There are times where it inverses the market and it's a dangerous short. However, as long as there is no additional squeeze hype or news that happens randomly, GME should fall quite a bit with ES and NQ.
CHWY has also broken below a major uptrend it started back with all of the DFV hype. These things fall hard when the show is over. It's possible we haven't seen the last of GME this year though, so not my top short. Will use small size for now.