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I wasn’t planning on posting any more updates but I couldn’t resist after last days price action confirming a new wave starting. Please check out my prior post if you havent already: Elliott_wave_theory_answers_the_movement_of_gme/ TL;DR: Bottom certainly is in. —— Please read —— This post won’t be as basic and long as last one (my adderall stash is empty 😢), just sharing my objective view for the nearest term. Please leave all the speculative comments about “most manipulated stock in the world, TA doesn’t work, TA doesn’t take naked synthetic shares into account, this is just an opex cycle, T+2, T+69” etc. TA is in my view the best objectivity there is since you only take price action into account and the price action can be answered by Elliott Wave Theory. The rules applies constantly and over all timeframes. However, I do agree that the dorito/bullflag/margin call territory “analysis” adds no value and is hyping the community for no other reason than kharma whoring. I will also bring in the Wyckoff accumulation pattern which also points at the downtrend ending and uptrend incoming. Two different theories confirming the bottom – can’t be more bullish. —— All according to plan —— The first wave seems to finish in the nearest couple of days. I identified this as one whole sequence of motive waves (1 to 5) by the easiest ways: wave 3 is the most impulsive wave, seen on 11/1 and wave 5 ends with bearish divergence and toppy pattern. The B-wave also formed a triangle and broke to the upside, common for B-waves and should confirm the counting. I expect the C-wave to either retrace down to our bottom at 18.84 or down to 18.07 on Monday/Tuesday before starting the next leg up higher. Wherever C ends, the impulsive wave 3 will begin and should take us to at least 26.19 as seen below. This whole analysis will be invalidated and utterly useless if GME manages to close under $16.46. Until then we have great weeks ahead with first target of $26.19 and later $43.69 in wave 3 of the bigger degree. —— Wyckoff Accumulation Pattern —— Wyckoff identified 4 different stages in a stocks movement. Accumulation (seen at bottoms), Distributions (seen at tops), mark down (downtrend) and mark up (uptrend). Below is my view of how we are in the end phase of the accumulation phase and starting the uptrend. Template Accumulation pattern below: PS: Preliminary Support SC: Selling Climax AR: Automatic Rally ST: Secondary Test LPS: Last Point Support SOS: Signs Of Strength See for yourself and judge the similiarities. The pattern is rarely 1:1 to the template in the real market. In my opinion the spring gives it all away. @ Mod if you can change to TA flair I would be grateful. Have a great weekend! 🚀🚀🚀 submitted by /u/nehyd to r/GME |