Elliott Waves, GME, Algos, Bastille Day, Wut Next?
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| Author       | Source       | 
| :-------------: |:-------------:|
|  [u/possibly6](https://www.reddit.com/user/possibly6/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oj56f6/elliott_waves_gme_algos_bastille_day_wut_next/) | 

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[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)

Sup apes

Not financial advice.

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/clodo6u3jva71.png?width=1280&format=png&auto=webp&s=57ca6a86449f83d1e6c7cccca430b275361ed4d8)](https://preview.redd.it/clodo6u3jva71.png?width=1280&format=png&auto=webp&s=57ca6a86449f83d1e6c7cccca430b275361ed4d8)

you know this

What an exciting week we have ahead of us!

this song is the vibe for tonight: <https://open.spotify.com/track/2BHj31ufdEqVK5CkYDp9mA?si=787960c95e4c4f60>

Personally, I'm permajacked, but if there's such a thing as being jacked^2, that's a good way to describe my feeling.

In this post I want to go over intraday scenarios going into tomorrow, as well as touch on the overarching setup, and see maybe we can debunk these so called "I figured out the algo" posts.

Without further ado, here's my primary intraday count, as well as my alt count. Primary count in EW speak is the count you are more inclined to believe is right, the alt being the alternative possibility. When one pattern breaks, you jump to your other count.

To those that say EW is gibberish, I can understand that argument, but it is a complex subject that requires much fine tuning and tweaking along the way to determine your count is correct. For this reason, I like to lay out the multiple possibilities that I see moving forward.

Primary:

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/gdbsr3e9kva71.png?width=2244&format=png&auto=webp&s=6a2074cae0f2ef5806823f8a7755876366c39c8f)](https://preview.redd.it/gdbsr3e9kva71.png?width=2244&format=png&auto=webp&s=6a2074cae0f2ef5806823f8a7755876366c39c8f)

30m

alt:

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/lskxf1kzjva71.png?width=1142&format=png&auto=webp&s=25291cf8ffcc0b4af80bc78e528187cdefef261c)](https://preview.redd.it/lskxf1kzjva71.png?width=1142&format=png&auto=webp&s=25291cf8ffcc0b4af80bc78e528187cdefef261c)

30m

obviously, these are intraday counts, so they don't matter much. I'm gonna go over the primary first. I see the move from our low of 177 to our high of 194.2 as a wave 1. What followed is a correction different than your typical zig zag abc. What appears to have happened is a regular flat correction. in essence, a flat correction is when you a and c wave hit the same level (double bottom in technical trader speak) and you b wave hits the same high as wave 1.

Visualized below are the 3 types of flat corrections:

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/7twddxfrkva71.png?width=1024&format=png&auto=webp&s=084ce5dbdda547ee6adb11cca9b39cc1f01919f8)](https://preview.redd.it/7twddxfrkva71.png?width=1024&format=png&auto=webp&s=084ce5dbdda547ee6adb11cca9b39cc1f01919f8)

flats

Pay attention to this visual as I will circle back to it in regards to my alt count.

The regular flat is visualized by the yellow A B C lettering above. This brings us to the red count following the yellow, which is a smaller degree wave subset. Given the validity of the flat structure, that means the next move up can be classified as a smaller scale wave 1. Sure enough, we had a sharp move up this AM, validating the wave 1.

What follows is a typical zig zag abc, wherein the A and C share a 1:1 fib relationship. In this scenario, that puts the end of wave 2 (correction of 1, abc) at a low of 187.68. Today the correction hit a low of 188.1. Not quite the 1:1 extension, so if this count is correct, be on the lookout for a low tmr am of 187.68. After this is hit, we will begin our smaller scale wave 3, which should hit a minimum of 198.01, though the 1.618:1 level (most common extension for wave 3) comes out to 204.4.

Intraday count doesn't matter too much, but being aware of the structures on a smaller scale help to build larger scale targets.

Onto the alt count.

Remember there are 3 different types of flat corrections. The alt count is something called an expanded flat. To put it bluntly, in this corrective pattern, the A wave will retrace downwards, the B wave will hit a fib ratio greater than 1:1 of wave a, and C will hit a fib ratio greater than whatever B is. each leg is successively longer than the previous.

This count cannot be a running flat, (a and c are 1:1, b breaks above 1) as today's low broke below the 1:1 extension:

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/26mhji48nva71.png?width=2240&format=png&auto=webp&s=a8640f262dc99cfbd95bf72a852966faa26fe3d7)](https://preview.redd.it/26mhji48nva71.png?width=2240&format=png&auto=webp&s=a8640f262dc99cfbd95bf72a852966faa26fe3d7)

invalidated running flat

That being said, the possible end targets for our expanded flat going into tomorrow are the fib levels you see above. For your convenience, the levels are 183.81, 182.18, and 179,54. The highest is the most likely but we can't rule out lower targets. The structure is valid if any of them hit.

Also note, that none of these targets go below our recent low of 177, thus supporting the uptrend. higher lows relative to 177=uptrend confirmed.

If this count is correct, we will hit one of the levels mentioned above before continuing onto wave 3. I don't have precise targets as the move is not complete, but we should be saying goodbye to the 200s pretty soon.

Onto the larger scale now.

Dumbed down for your viewing pleasure:

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/y44yj4bznva71.png?width=1784&format=png&auto=webp&s=543073510e800affdc0ec3c8b860143cfed08c0f)](https://preview.redd.it/y44yj4bznva71.png?width=1784&format=png&auto=webp&s=543073510e800affdc0ec3c8b860143cfed08c0f)

daily

Targets remain the same. This cycle is targeting a minimum high of 405.32, though any of the targets above are possibilities. We simply don't know yet, though as the move progresses we can re assess the general strength of the move and have more precise end wave 3 targets.

Just go get you mega jacked, if shit gets crazy and we see a hyperextension (4.236:1), that level comes out to...

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/inrvasycova71.png?width=1788&format=png&auto=webp&s=945e168860af9e4013c646751537449bf4d2f62c)](https://preview.redd.it/inrvasycova71.png?width=1788&format=png&auto=webp&s=945e168860af9e4013c646751537449bf4d2f62c)

nice.

Pre squeeze, keep in mind.

Just to confirm your bias even more, I saw a post by a user from fidelity, showing their own EW analysis. Sure enough, it lines up exactly with what I have been writing about on here since our high of 344 last month:

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/crgaovb2pva71.png?width=828&format=png&auto=webp&s=d7c38daf03a87b14e852118d31c083786c0b910a)](https://preview.redd.it/crgaovb2pva71.png?width=828&format=png&auto=webp&s=d7c38daf03a87b14e852118d31c083786c0b910a)

DD confirmed!!!!!

To everyone that says ew is nonsense, fidelity disagrees 😎

In terms of the algos posts that flooded the sub over the weekend, to that I say I'll believe it when I see it. While the stock is primed for an upwards move from a TA perspective, the algo posts I saw just seemed to be lines broken up into cycles without any math to back the theory. EW derives targets from fibonacci which is seen throughout nature and the world. Flat lines on a chart? not so much. Not saying they are wrong, but just to take them with a grain of salt.

7/14. bastille day. the day of reckoning (supposedly)

Call me cynical, but I really doubt this kicks off MOASS. sorry, but the only thing that will kick off MOASS is if shorts default due to other factors regarding their positions (unlikely imo at this stage) or a dividend in the form of an asset that shorts do not have access to, thus forcing a closure of their positions.

Until one of the above happens, I will continue to buy and hodl. Scooped a cool 2 more shares today, it ain't much but it's honest work.

I saw on twitter (can't find it now) one of the game coin devs when asked about the source code of the coin, specifically the launch date of 7/14, said that it was in relation to an upgrade on the ehterium network, which is now pushed back to 8/4 *I believe.* I may be wrong or misread the dates, but that is what I took away from it.

They are in no way saying MOASS is dependent on this, all it is in my eyes is plausible deniability. They legally can't say they're going to start the squeeze on x date, but they sure as hell love to give us hints.

Now for some maths before I sign off. I was going insane last night trying to draw connections on the GME chart in relation to fib levels of different cycles.

looking at feb-march run, i took fibs to measure how deep wave 2 retraced after 1 completed. Feb-March fibs show the retrace was 23.15% off of the .786 level

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/r2csr04erva71.png?width=2370&format=png&auto=webp&s=c79e488f25f1fc299c5562bad90d14a0d6568b20)](https://preview.redd.it/r2csr04erva71.png?width=2370&format=png&auto=webp&s=c79e488f25f1fc299c5562bad90d14a0d6568b20)

23.15% off of .786

In the recent run, illustrated below, if the bottom comes out to 177, this is 29.69% off of the .786 target

[![r/Superstonk - Elliott Waves, GME, Algos, Bastille Day, Wut Next?](https://preview.redd.it/uhp0ak3hrva71.png?width=1954&format=png&auto=webp&s=b2e29c112153a0198931c1ea05b109de663489a0)](https://preview.redd.it/uhp0ak3hrva71.png?width=1954&format=png&auto=webp&s=b2e29c112153a0198931c1ea05b109de663489a0)

29.69% (nice) off of .786

Take from this what you will, not sure this constitutes statistical significance but still an interesting find when comparing the cycles to each other.

WEN MOON? whenever we get a catalyst that forces closure of short positions. My money is on a dividend, as to when that gets announced and distributed is anyone's guess. If 7/14 passes and nothing changes, the only thing that changes with me is my share count, as I will buy more.

As always, if you like intraday analysis I post on my [twitter](https://twitter.com/gavinmayreal) all day, and I did a [video breakdown](https://www.youtube.com/watch?v=3n5g_B1WXMY&t=560s) of SPY and GME yesterday if anyone is interested in seeing how to apply ew step by step.

Thanks for reading! I'm Jacked as shit and I'm gonna go get high af and stare at fib levels, my definition of a great Monday night.

TLDR: bullish as fuck, moon soon 🌊 🚀
