I recently posted some work that I had done on our beloved “meme stocks” and I wanted to provide an update in the event that anyone has any input (for the better or worse… I recognize that I am not perfect and I value anyone’s thoughts).
Currently, the schematic is unclear exactly where we are at within this smaller distribution cycle, but based on the bounce that we just had and the amount of buying volume that poured in, it appears as though we may have just completed our distribution phase and have entered “Phase A” of the next accumulation (I am guessing here bc it is not yet clear where we are at… Keep that in mind). What this means is that in the immediate future, we can likely look forward to some amount of continued push up (I suspect until around $27.85(ish); this is known as the automatic rally), immediately followed by a push back down into the $23.50-$24.50(ish) area; this is known as the secondary test. Following this, we will likely range trade for some amount of time before our next big move.
Depending on how successful this test reacts will determine how strong and determined our move up will be.
Again, I want to reiterate that the GME schematic is not yet clear, so my analysis is speculative at this point.
Good luck everyone!!! Please let me know your thoughts!!! 🙂
submitted by /u/kwsparks to r/Superstonk
[link] [comments]