GME: Skeptical of zealous predictions that fail to materializePatience is the virtue most valuable to me in the world of trading. To me, patience means not only plan the trade, trade the plan, but more deeply, NO REGRETS. If I miss out, SO WHAT? It was not my pitch, and in the markets, THERE ARE ALWAYS OTHER OPPORTUNITIES, on a daily, if not hourly basis.
I have watched more "MOASS" predictions fail over the past few years than any of their respective authors would like to admit. Trader after trader steps up and says, ITS GONNA EXPLODE at this price, at this time, when this happens, or if that does not...but 99.9% of these predictions are nothing but filler and sensationalism. What I wonder...where is the sauce? Where is the technical tip off that indicates a high probability that the DESIRED or HALLUCINATED price action should take place? The answer is typically, it simply does not exist at the time of the publications.
For context and as to my business here, earlier this year, February/March, upon completion of my mentorship, I decided to make price predictions of GME my sort of Thesis, if you will, to see whether what I had learned about Elliot Wave, Fibonacci, and MACD strength indications had been a waste of time. Early March 2024, upon review of the EW pattern, I called for sustained downward pressure into early May. At the very end of April, about 8 weeks later, while doing my routine weekly charting, I noticed I had run out of wave magnitude. I checked my count and price levels against MACD, and lo and behold, we appeared to have struck a bottom. I made another post stating that we had arrived a little early but that the initial downside corrective had completed. Within 2-3 weeks, GME traded at $80/share. All I had done was apply what I had learned over the preceding year and exercise patience with price.
What I am posting to say here is, I SEE NO INDICATION THAT PRICE SHOULD EXPLODE UPWARD, AND SEE PLENTY OF REASON TO SAY THAT WE NEED MORE SIGNIFICANT DIVERGENCE ON THE BOTTOM END TO EVEN BEGIN TO ANTICIPATE ANY SUCH EXPLOSION. I will add, that all I believe the last run amounted to was part of a corrective, and do not believe it represents the beginning of anything, rather, perhaps, the very middle of this saga.
The tools I mentioned above are the basic trading tools and concepts I have used to make this statement. BUT primarily, of all the tools which I mentioned or which may be depicted in my chart, PATIENCE is the tool I value mostly. If you know what you are doing, and practice with the tools you profess to use to make a living, when it comes to bottoms (or tops for that matter) you will know them when you see them. PATIENCE is necessary in all applications of the tools I describe and ultimately, the most important tool any trader can possess. In that vein, the old saying goes, Discretion is the better part of valor (not courage, or stupidity, to run out on no man's land, pots a clanging with tent sticks falling out of your back pack, acting like you'll win the war in a moment).
Best,
Cuz
1GME trade ideas
GME 8/23/2022GME
Why hasn’t #Wallstreetbets save their fanboys?
GME Weekly chart analysis
Let’s compare 2021 vs 2022
Pretty clear and straight forward.
2021
Two green weeks mid Jan.’21 sent price flying from 9.75 to high of about 120.65.
Since then, GME has done nothing but make a series of Lower Highs into Support area @ 37.95-45.55.
These Lower highs into support area displayed the weak buyer pressure by bulls. A bearish Descending Triangle was formed.
After 10 months of failing to break a high, in Nov.’21 Bulls did the unexpected and “broke out” of the Triangle looking to continue the previous up-move.
This “Breakout” was short lived as the pressure from the sellers overwhelmed the buyers. Price was shot back down below Triangle breakout point. The “breakout” move was deemed a “False breakout/Price rejection”.
In Dec.’21, the false breakout was followed by price breaking down below Support area @ 37.95-45.55 and the 50 ema. This is the 1st time since Aug.’20 that price falls below and lost Support of 50ema.
All of 2021 was spent by the Bulls/Buyers trying to fight off the Bear/seller pressure and trying to stay above Support area @ 37.95-45.55 and the 50 ema.
They were systematically broken down and eventually overwhelmed and conquer by the Bears/Sellers.
2022
After breaking down from Support area @ 37.95-45.55 and the 50 ema, by end of Jan.’22 price made a Lower Low and found new Support @ 22.20.
From Support @ 22.20, price bounced are looked to break back above Support area @ 37.95-45.55 and the 50 ema.
Price failed to stay above previous Support and was rejected back down to 22.20. Support area @ 37.95-45.55 and the 50 ema were turned into Resistance area/level.
Price bounced one move time from Support @ 22.20 to Support turned Resistance area @ 37.95-45.55. We have a Price rejection pattern here. This is cue to enter trade short.
The Bulls/Buyers have spent all of 2022 moving sideways between new Lower Low/Support level @ 22.20 and previous Support turned Resistance area @ 37.95-45.55 and the 50ema.
After a hot 2 weeks in Jan.’21 that saw price fly from 9.75 to 120.65, GME has now spent 81weeks moving side-ways with the Bears/sellers systematically breaking down the Bulls/Buyers.
Now with the 2nd price rejection @ Resistance area @ 37.95-45.55 and the 50ema, Bears will look to move price back down to Support @ 22.20 and then breakdown to Support area @ 9.75.
Why hasn’t #Wallstreetbets put their powers together again and save the bleeding out GME bag holding fanboys still talking about “going to the moon”?
Sad to see them let the fanboys over @ AMC get cooked earlier this week.
With extreme bear conditions and price siting at “area of value”, I will be entering trade short.
Short term trade
Entry: 33.53
Stop loss: 22.20(-22.98%)
Target: 22.20, +33.93%, +1.48 RR ratio
Long term trade
Entry: 33.53
Stop loss: 52.50(-56.76%)
Target: 10.00, +70.14%, +1.24 RR ratio
MOASS: WC: 29.82 Target: 1800-2400 MOASS: 47k-100KTLDR:
Santa Baby!
Price is going to rally starting next week
Wave 5 of a larger degree wave 1 will complete by year end/1st week in Jan
Retracement will be last chance to get price at these levels
Price is fractal and is rhyming in structure
Happy Holidays!
GME - The cat is gone, the mice try to keep the party goingDoing a technical analysis of NYSE:GME might seem idiotic and pointless. We all know price is ruled by Reddits and social media posts. It used to have its moments due to a kitten, with insane movements. The kitten has fled, and the Reddits still claiming this is the best company ever do not have the power to keep the stock up. Management has proven several times they do not care about shareholders, instead they see them as a tool. They have taken advantage of shareholders more than once, and they will again.
Price is now in a kind of limbo, wedge pattern. This will not last. The company has a full bank account, but has not shown or communicated anything about any potential investments. In fact, they have shown signs of trying to save the obsolete business of yesterday by closing some stores. I am fully aware that something must be going on behind the scenes, but it has been a story for some time. NYSE:GME still has the right to issue/sell more a lot of shares, and given their history of totally ignoring and abusing their shareholders, I expect another dilution of shareholders. Continued no news, reduced interest, no hope of the kitten rescue, lower highs on the chart, I feel the lower channel band will be broken and we face the support around $15, then $10. Without RK, and a non-communicating RC there is no case.
Ascending triangle on the 30-minute chart converging on 01/09.In Roaring Kitty's 'Time You Cover'-tweet, the date 01/09 is prominently displayed. Now, I’ve identified an ascending triangle on the 30-minute chart that converges on the exact same date, 01/09. Whether this is a coincidence or something more, only time will tell.
This demand level may be the last stop for GMEI recently seen an article about Game Stop being at its lowest level of the year so i decided to glance at the technicals. From a Technical standpoint it looks pretty good. Here are a few reasons why i think this:
1) Price is approaching a nicely unmitigated demand zone.
2) The demand zone created a great deal of imbalance
3) There is liquidity above the demand zone.
4) There is divergence playing out.
When price approaches the demand i may look for some calls depending on how momentum shifts on the lower time frams.
Bullish on GMEI was anticipating a nicer looking cup and handle patter here, regardless the direction looks like it wants to be bullish. Nice meaningful higher lows and a break out of a triangle is telling me there's a lot to be optimistic about. Meme stock filled with hopium aside, the chart really looks promising.
MOASS: WC: 27.99 Target: 1800-2400 MOASS: 47k-100KTLDR:
BOOM!!!
Volume Point of Control (VPOC) is critical to watch as well
VPOC tracks the major waves in the wave cycle and will sit between major waves
VPOC and where it sits in relation to price, like VWAP, helps us track the progression of waves
Next move will take us to the 35-40 region
Price will then retrace back to the 28 region which is where we will see an EXPLOSION IN PRICE
That move back to 28 will be your last time, maybe ever, to get GME at anything near these levels
The next move after the retracement to 28 takes us to 70
After 70 comes CHEERS EVERYBODY!!!
Inverted Head & Shoulders, Cup & Handle, Bull Flag GME DailyHey, everyone. It's that time again for the latest market update on GME. The charts are buzzing with activity, and we have some exciting developments to share.
Currently, we are trading within a substantial Bull Pennant on both the 15-minute and 1-hour charts. This indicates strong consolidation and potential for a significant move upwards. Additionally, we have a Bull Flag on the 4-hour chart, adding to the bullish sentiment.
On the daily timeframe, we've formed an impressive Cup & Handle, an Inverse Head & Shoulders, and a Bull Flag for the handle of the cup. These patterns are powerful indicators of potential upward momentum.
But that's not all! We are also in the midst of a significant Golden Cross on both the daily and weekly charts. This crossover of moving averages is a strong bullish signal, suggesting that we could be on the verge of a major uptrend.
Here’s a detailed technical breakdown:
15-minute chart: Bull Pennant
1-hour chart: Bull Pennant
4-hour chart: Bull Flag
Daily chart: Cup & Handle , Inverse Head & Shoulders , and Bull Flag
Weekly chart: Bull Flag & Golden Cross
For those who are new to these updates, it's worth noting the historical context: The last time GME had a Golden Cross on the weekly chart was back in January 2021. Following that, GME saw an incredible 12,000% run over just 183 trading days.
With the return of the Kitty and all systems go across all timeframes, the stage is set for a potentially explosive movement. Stay tuned and be ready for what promises to be an exhilarating ride.
Upcoming C+35 Calendar Event on January 9-10Here’s a simple visualization showing the C+35 date tied to the December 5th volume spike. If the pattern holds, I’m expecting another spike around January 9-10. My last prediction for October 25th played out as expected, so let’s see if this one does too!
GME Earnings happen to be tonight after hours, and unfortunately, the market has been pulling back in some sectors, which is not the best thing for us GME bulls. What I can see so far, is a symmetrical triangle building. We are struggling to clear the $31 area again we got rejected. We have some serious support on the longer term chart but we have to continue to remain above around $28 overall.
The support of the symmetrical triangle is around 2650 area so as long as we continue above that for now we can say this is just building.
We can also pull fib retracements short term from the start of the move around 20.37 and pull it up to the recent top around 32.10
This gives our 50% support still around 26.23. As well as the .382 fib around 27.60
The earnings is about 50% chance of upside or downside. It doesn’t seem like any clear pattern. If we can get some kind of good news, we could potentially see this stock bottom 1-3 days after the earnings report and have a swift move within a week after depending on the news. That seems to be a pattern I have found looking back from the past 3 reports. Hopefully GMe can drop something unexpectedly good and keep this pattern and uptrend alive.
Any large downside moves after earnings we can see a drop to .618 24.86 $ or 23.88 Keeping some buy orders there around time
Of earnings won’t be a bad idea as we may get some low bid fills in anticipation of drop.
Good luck to all taking the risk holding though earnings. And good luck to those looking to scoop up if we get a good drop after.
GameStop Trading Strategy for Next WeekRecent Performance: GameStop has faced significant market volatility, recently
reporting revenue of $887 million, down 17% from $1.08 billion year-over-
year. This reflects considerable challenges in maintaining sales momentum
amidst increased competition and a shifting gaming landscape.
- Key Insights: Investors should pay close attention to GameStop's strategic
initiatives. The company's shift to an online-focused model is crucial but
comes with inherent risks. The projected EPS of -$0.03 suggests ongoing
struggles with profitability, underscoring the need for effective
operational adjustments to attract and retain customers.
- Expert Analysis: Market sentiment among experts remains cautious. While
GameStop's loyal retail base fuels speculative interest, the long-term
outlook could hinge on successful digital expansions and partnerships.
Anticipation of the upcoming earnings report may lead to heightened
volatility, necessitating careful monitoring of price movements.
- Price Targets: Based on recent analysis, next week's targets and stops are
established as follows:
- Next week targets: T1: $32, T2: $34
- Stop levels: S1: $26.50, S2: $25
- News Impact: The upcoming earnings report, scheduled for Tuesday, is
generating notable excitement, with projections and trends underscoring
potential price swings. Broader market conditions, such as regulatory
changes and evolving consumer behavior, will also play critical roles in
shaping GameStop's trading activity in the days ahead.
MOASS: WC: 29.06 Target: 1800-2400 MOASS: 47k-100KTLDR:
-RK Emoji timeline and latest tweets align with our consistent prediction that Jan would see explosive price movement
-Elliott Wave is our guide
-500 area is the next major target area on the way to 1800-2400
-Protect your investment at all costs!
-35-40 area is significant and after we reach it we will see a retracement to the 30ish area and then we should head to 75
-That move to 75 is your first clue that 100K is very possible
Game Since a rejection of $31 GME fell very far down back to the $27 area
I was long at 28.80 and it caught me off guard and stopped me out. However, I am looking back at it again right now, as it’s really really tight in this consolidation, although it’s a bearish move into it, which can be potentially a sign that it could go lower, could also be on several long-term support looking through ping-pong in between the upper resistance in this lower support, which could bring us back to test that 31 area again.
Entry 27.10.
Stop loss break of 26.20
Confirmed hold above 28 could also be entry. Target 30.80$
GameStop Corp. ($GME): High-Risk, High-Reward OpportunityGameStop Corp. ( NYSE:GME ): High-Risk, High-Reward Opportunity
Trade Setup:
- Initial Entry: $31.45
- Alternative Entry: $24.11
- Stop-Loss: $10.88
- Take-Profit: $125.99
Rationale:
GameStop, a prominent video game retailer, has experienced significant volatility, often influenced by retail investor interest and speculative trading. The stock's history includes notable short squeezes, leading to substantial price surges. Recent discussions suggest the potential for another upward movement, presenting a high-risk, high-reward scenario.
Financial Performance:
In Q2 2024, GameStop reported revenue of $798.3 million, down from $1.16 billion the previous year. The company is focusing on cost containment and plans to close underperforming stores to enhance efficiency.
Volume and Short Interest:
As of November 15, 2024, GameStop had approximately 31.87 million shares sold short, representing about 7.47% of the float. This level of short interest indicates a moderate potential for a short squeeze.
Analyst Ratings:
Analyst coverage on GameStop is limited, with some maintaining a "Sell" rating and a price target of $10.00, suggesting potential downside. However, the stock's volatility and retail investor interest can lead to price movements that diverge from analyst expectations.
Risk Management:
Given the stock's volatility, strict adherence to the stop-loss at $10.88 is crucial to manage potential losses. The ambitious take-profit target of $125.99 offers a substantial reward, but traders should be prepared for significant price fluctuations.
*When the Market’s Call, We Stand Tall. Bull or Bear, Just Ride the Wave!*
*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Traders should conduct their own due diligence before making investment decisions.*
GME Ready for a Major Move – A Happy Christmas Move?GME recently broke out of a 3-year-old bull flag pattern, encountering strong resistance at the 200-week moving average (often referred to as the "big red"). After rejection at this level, the stock found solid support at the 50-week moving average, which is a bullish signal.
It appears to have formed a bullish pullback and is now beginning to move upward again. The stock briefly paused at the 200-week moving average once more, and now it needs to break through this level with significant momentum.
Once GME breaks above the 200-week moving average, it could trigger a powerful rally, potentially propelling the stock to all-time highs. At that point, it would likely become unstoppable.
The MACD and RSI indicators look bullish and remain far from overbought levels, signaling room for further upward movement.
With $4.5 billion in cash reserves, GME has the potential to become a standout performer in 2025.
Patience is key, as big players rely on retail investors to give up and sell their shares, making it easier for them to cover their positions.